IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

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>
<a href="https://www.smartkarma.com/entities/nissin-corp" target="_blank" data-smartkarma-citation="entities:12749:1" rel="noopener">Nissin Corp (9066 JP)</a> has recommended a Bain-sponsored MBO tender offer of JPY8,100 per share, a 27.6% premium to the last close. </li>
<li>The offer is attractive compared to peer multiples and historical trading ranges. However, it is light compared to precedent transaction multiples. </li>
<li>While the offer represents an all-time high, it is below the midpoint of the target IFA DCF valuation range. A counterbid cannot be ruled out. </li>
</ul>



Nissin Corp (9066 JP) has recommended a Bain-sponsored MBO tender offer of JPY8,100 per share, a 27.6% premium to the last close. 
The offer is attractive compared to peer multiples and historical trading ranges. However, it is light compared to precedent transaction multiples. 
While the offer represents an all-time high, it is below the midpoint of the target IFA DCF valuation range. A counterbid cannot be ruled out. 


Nissin Corp (9066 JP): Bain-Sponsored MBO at JPY8,100 Is Arguably Light

<ul>
<li>
<a href="https://www.smartkarma.com/entities/naigai-trans-line-ltd" target="_blank" data-smartkarma-citation="entities:8938:1" rel="noopener">Naigai Trans Line (9384 JP)</a> has recommended a tender offer from IA Partners at JPY4,065 per share, a 62.3% premium to the last close.</li>
<li>Despite being below the midpoint of the target IFA’s DCF valuation range, the offer is attractive compared to historical trading ranges and represents an all-time high. </li>
<li>Given that the offer is reasonable, the required minority acceptance rate is attainable. The offer is from 10 March to 21 April, with payment on 28 April. </li>
</ul>



Naigai Trans Line (9384 JP) has recommended a tender offer from IA Partners at JPY4,065 per share, a 62.3% premium to the last close.
Despite being below the midpoint of the target IFA’s DCF valuation range, the offer is attractive compared to historical trading ranges and represents an all-time high. 
Given that the offer is reasonable, the required minority acceptance rate is attainable. The offer is from 10 March to 21 April, with payment on 28 April. 


Naigai Trans Line (9384 JP): IA Partners’ JPY4,065 Tender Offer

Japan

AIT CORPORATION provides comprehensive international cargo and container booking services.  The Company mainly operates its business in Japan, China and other major Asian cities.

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AIT Corp (9381 JP)

Nissin Corp (9066 JP): Bain-Sponsored MBO at JPY8,100 Is Arguably Light

While the offer represents an all-time high, it is below the midpoint of the target IFA DCF valuation range and precedent transaction multiples. A...

Arun George

Naigai Trans Line (9384 JP): IA Partners’ JPY4,065 Tender Offer

Despite being below the midpoint of the target IFA’s DCF valuation range, the offer is attractive compared to historical trading ranges and...

Arun George

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)