IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

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Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Event-Driven

<ul>
<li>At the <a href="https://www.smartkarma.com/entities/fujitec-co-ltd" target="_blank" data-smartkarma-citation="entities:11686:1" rel="noopener">Fujitec Co Ltd (6406 JP)</a> EGM, Oasis successfully secured approval for four out of six candidates for outside directors. The tight vote shows that shareholders desire change.</li>
<li>Oasis fell short of its nominations constituting up to two-thirds of the Board. However, Oasis-aligned directors will represent 67% of outside directors which still can drive meaningful change.</li>
<li>The EGM results will spur optimism that Fujitec can close the performance gap with peers, resulting in a rerating. Fujitec remains attractive on a cash-adjusted P/E basis.    </li>
</ul>


At the Fujitec Co Ltd (6406 JP) EGM, Oasis successfully secured approval for four out of six candidates for outside directors. The tight vote shows that shareholders desire change.
Oasis fell short of its nominations constituting up to two-thirds of the Board. However, Oasis-aligned directors will represent 67% of outside directors which still can drive meaningful change.
The EGM results will spur optimism that Fujitec can close the performance gap with peers, resulting in a rerating. Fujitec remains attractive on a cash-adjusted P/E basis.    


Fujitec (6406 JP): Oasis Scores a Victory in a Tight EGM Vote

European Event-Driven Analyst

Jesus Rodriguez Aguilar

<ul>
<li>Since mid-January, spreads have generally tightened across our liquid universe (8 have widened, 10 tightened, 1 at same level).</li>
<li>Trade recommendations long ords / short prefs: Fuchs Petrolub, Henkel, Handelsbanken, SSAB Svenska Stal.</li>
<li>Trade recommendations long prefs / short ords: Carlsberg, Sixt, VW, Danieli, MFE-Media for Europe, Grifols, Atlas Copco, Ericsson.</li>
</ul>


Since mid-January, spreads have generally tightened across our liquid universe (8 have widened, 10 tightened, 1 at same level).
Trade recommendations long ords / short prefs: Fuchs Petrolub, Henkel, Handelsbanken, SSAB Svenska Stal.
Trade recommendations long prefs / short ords: Carlsberg, Sixt, VW, Danieli, MFE-Media for Europe, Grifols, Atlas Copco, Ericsson.


Liquid Universe of European Ordinary and Preferred Shares: February ‘23 Report

<ul>
<li>Oasis proposals to restructure the <a href="https://www.smartkarma.com/entities/fujitec-co-ltd" target="_blank" data-smartkarma-citation="entities:11686:1" rel="noopener">Fujitec Co Ltd (6406 JP)</a> Board which will be voted on at the 24 February EGM have got independent proxy advisor, ISS, support.</li>
<li>An Oasis win would renew enthusiasm that Fujitec can close the performance gap with peers, resulting in a catalyst for the rerating of the shares.</li>
<li>An Oasis loss is not disastrous as Oasis could come back or Fujitec would likely offer a premium to buyout Oasis. Fujitec is also cheap on a cash-adjusted P/E basis.</li>
</ul>


Oasis proposals to restructure the Fujitec Co Ltd (6406 JP) Board which will be voted on at the 24 February EGM have got independent proxy advisor, ISS, support.
An Oasis win would renew enthusiasm that Fujitec can close the performance gap with peers, resulting in a catalyst for the rerating of the shares.
An Oasis loss is not disastrous as Oasis could come back or Fujitec would likely offer a premium to buyout Oasis. Fujitec is also cheap on a cash-adjusted P/E basis.


Fujitec (6406 JP): Oasis’ Activism Comes to a Head of the 24 February EGM

<ul>
<li>Since mid-September, spreads have shown a mixed performance across our liquid universe with a slight bias towards widening (10 have widened, 8 tightened, 1 at same level).</li>
<li>Trade recommendations long ords / short prefs: Fuchs Petrolub, Ericsson, Handelsbanken, SSAB Svenska Stal.</li>
<li>Trade recommendations long prefs / short ords: Sixt, VW, MFE-Media for Europe, Grifols, Atlas Copco.</li>
</ul>


Since mid-September, spreads have shown a mixed performance across our liquid universe with a slight bias towards widening (10 have widened, 8 tightened, 1 at same level).
Trade recommendations long ords / short prefs: Fuchs Petrolub, Ericsson, Handelsbanken, SSAB Svenska Stal.
Trade recommendations long prefs / short ords: Sixt, VW, MFE-Media for Europe, Grifols, Atlas Copco.


Liquid Universe of European Ordinary and Preferred Shares: November ‘22 Report

<ul>
<li>Since mid-August, spreads have shown a mixed performance across our liquid universe with a slight bias towards tightening (with the exception of German shares, which have generally widened).</li>
<li>Trade recommendations long ords / short prefs: Fuchs Petrolub, SSAB Svenska Stal.</li>
<li>Recommendations Long prefs / short ords: Sixt, VW, MFE-Media for Europe, Grifols, Atlas Copco.</li>
</ul>


Since mid-August, spreads have shown a mixed performance across our liquid universe with a slight bias towards tightening (with the exception of German shares, which have generally widened).
Trade recommendations long ords / short prefs: Fuchs Petrolub, SSAB Svenska Stal.
Recommendations Long prefs / short ords: Sixt, VW, MFE-Media for Europe, Grifols, Atlas Copco.


Liquid Universe of European Ordinary and Preferred Shares: September ‘22 Report

Switzerland

Schindler Holding AG manufactures and installs elevators, escalators, and moving walkways internationally.  The Company's products are used in airports, subway stations, railroad terminals, shopping centers, cruise ships, hotels, and office buildings.  Schindler also offers maintenance services.

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Schindler Holding (SCHN SW)

Fujitec (6406 JP): Oasis Scores a Victory in a Tight EGM Vote

The EGM results will spur optimism that the newly constructed Board can close the performance gap with peers, resulting in a rerating. Fujitec...

Arun George

Liquid Universe of European Ordinary and Preferred Shares: February ‘23 Report

Since mid-January, spreads have generally tightened across our liquid universe (8 have widened, 10 tightened, 1 at same level).

Jesus Rodriguez Aguilar

Fujitec (6406 JP): Oasis’ Activism Comes to a Head of the 24 February EGM

Fujitec is trading at an undemanding cash-adjusted P/E multiple. This provides downside protection should Oasis prove unsuccessful at the upcoming...

Arun George

Liquid Universe of European Ordinary and Preferred Shares: November ‘22 Report

Since mid-September, spreads have shown a mixed performance across our liquid universe with a slight bias towards widening (10 have widened, 8...

Jesus Rodriguez Aguilar

Liquid Universe of European Ordinary and Preferred Shares: September ‘22 Report

Since mid-August, spreads have shown a mixed performance across our liquid universe with a slight bias towards tightening (with the exception of...

Jesus Rodriguez Aguilar

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52-week Range

Market Cap (USDm)

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