External reports (aggregated public sources), Value Investors Club

Value Investors Club (VIC)

External reports (aggregated public sources)

Value Investors Club

Equity Bottom-Up

<ul><li>Allfunds is a European B2B fund platform founded in 2000 by CEO Juan Alcaraz, with strong organic revenue growth and EBITDA margins</li><li>Despite facing challenges in the public markets, the company is poised to return to its historical growth trajectory</li><li>With a client retention rate of 99.8% and significant market share, ALLFG offers a compelling growth opportunity yet to be fully reflected in its valuation</li></ul>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

Allfunds is a European B2B fund platform founded in 2000 by CEO Juan Alcaraz, with strong organic revenue growth and EBITDA marginsDespite facing challenges in the public markets, the company is poised to return to its historical growth trajectoryWith a client retention rate of 99.8% and significant market share, ALLFG offers a compelling growth opportunity yet to be fully reflected in its valuationThis content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

Allfunds Group (ALLFG) - Monday, Oct 28, 2024

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>CTBC's (likely) goal is to boost <a href="https://www.smartkarma.com/entities/shin-kong-financial-holding" target="_blank" data-smartkarma-citation="entities:15351:1" rel="noopener">Shin Kong (2888 TT)</a>'s shares, so as to make the <a href="https://www.smartkarma.com/entities/taishin-financial-holding" target="_blank" data-smartkarma-citation="entities:715:1" rel="noopener">Taishin Financial Holding (2887 TT)</a> merger unpalatable for Shin Kong shareholders. That smells of opportunity.</li>
<li>
<a href="https://www.smartkarma.com/entities/jardine-matheson-holdings-ltd" target="_blank" data-smartkarma-citation="entities:19718:1" rel="noopener">Jardine Matheson Holdings (JM SP)</a> is trading cheap to NAV and its implied stub. It may well get cheaper.</li>
<li>
<a href="https://www.smartkarma.com/entities/toyota-motor-corp" target="_blank" data-smartkarma-citation="entities:73:1" rel="noopener">Toyota Motor (7203 JP)</a>'s resulting supply/demand profile is mixed, but on balance, expect to see positive demand into the H1 earnings announcement. Watch for another buyback possibly announced then.</li>
</ul>


CTBC's (likely) goal is to boost Shin Kong (2888 TT)'s shares, so as to make the Taishin Financial Holding (2887 TT) merger unpalatable for Shin Kong shareholders. That smells of opportunity.

Jardine Matheson Holdings (JM SP) is trading cheap to NAV and its implied stub. It may well get cheaper.

Toyota Motor (7203 JP)'s resulting supply/demand profile is mixed, but on balance, expect to see positive demand into the H1 earnings announcement. Watch for another buyback possibly announced then.


Last Week in Event SPACE: Shin Kong/Taishin Financial, Jardine Matheson, Toyota Motors, Huafa Props

European Event-Driven Analyst

Jesus Rodriguez Aguilar

<ul>
<li>As per the failed offer terms, consideration would amount to €5,507 million, of which €3,581 million in cash, which would stretch the balance sheet of Euronext. </li>
<li>Euronext should issue equity to fund part of the cash component, but the EPS accretion in a base case scenario would be just 4.5% (see sensitivity analysis premia/ENX share price).</li>
<li>If any exchange operators were truly interested in acquiring Allfunds, I find it surprising that they would not had acquired shares during some share placements in October 2022.</li>
</ul>


As per the failed offer terms, consideration would amount to €5,507 million, of which €3,581 million in cash, which would stretch the balance sheet of Euronext. 
Euronext should issue equity to fund part of the cash component, but the EPS accretion in a base case scenario would be just 4.5% (see sensitivity analysis premia/ENX share price).
If any exchange operators were truly interested in acquiring Allfunds, I find it surprising that they would not had acquired shares during some share placements in October 2022.


Thoughts About the Failed Offer for Allfunds

United Kingdom

Allfunds is a global WealthTech platform that connects fund houses and distributors, offering a comprehensive ecosystem for fund distribution and digital wealth management. The company provides services such as dealing and execution, data analytics, reporting and portfolio tools, ESG advisory, and custom software solutions. Allfunds Group plc was founded in 2000 and is headquartered in London, United Kingdom.

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Allfunds (ALLFG NA)

Allfunds Group (ALLFG) - Monday, Oct 28, 2024

Allfunds is a European B2B fund platform founded in 2000 by CEO Juan Alcaraz, with strong organic revenue growth and EBITDA margins

Value Investors Club (VIC)

Last Week in Event SPACE: Shin Kong/Taishin Financial, Jardine Matheson, Toyota Motors, Huafa Props

The weekend is here! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed...

David Blennerhassett

Thoughts About the Failed Offer for Allfunds

The prospective offer for Euronext failed because it was already pitched near the higher end of what Euronext could afford, let alone getting...

Jesus Rodriguez Aguilar

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