Index Rebal/Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal/Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Index Rebalance

<ul>
<li>In this insight, we take a look at the potential index changes for F100 and F250 in the run-up to the September 2025 index rebal event.</li>
<li>We see two M&amp;A-related intra-review changes for the F250 index prior to the September 2025 review and then at least four more before the end of the year.</li>
<li>Separately, our latest estimates suggest there could be one regular change for the F100 index and one regular change for F250 during the September 2025 rebalance.</li>
</ul>


In this insight, we take a look at the potential index changes for F100 and F250 in the run-up to the September 2025 index rebal event.
We see two M&amp;A-related intra-review changes for the F250 index prior to the September 2025 review and then at least four more before the end of the year.
Separately, our latest estimates suggest there could be one regular change for the F100 index and one regular change for F250 during the September 2025 rebalance.


Quiddity Leaderboard F100/F250 Sep25: High-Impact ADD Due to Rule Change + More Intra-Review Changes

European Event-Driven Analyst

Jesus Rodriguez Aguilar

Event-Driven

<ul>
<li>PUSU deadline looms on May 30, giving Corpay limited time to submit a firm bid or walk away—raising the stakes for investors monitoring deal certainty and potential upside.</li>
<li>Alpha's valuation remains compelling, with a blended takeover value of ~3,795p vs. a current share price of 3,050p, implying ~24% upside on deal completion.</li>
<li>Synergies estimated at ~99p per share could lift deal terms; I see a 65% probability of a formal bid, recommending accumulation around 3,000p for event-driven investors.</li>
</ul>


PUSU deadline looms on May 30, giving Corpay limited time to submit a firm bid or walk away—raising the stakes for investors monitoring deal certainty and potential upside.
Alpha's valuation remains compelling, with a blended takeover value of ~3,795p vs. a current share price of 3,050p, implying ~24% upside on deal completion.
Synergies estimated at ~99p per share could lift deal terms; I see a 65% probability of a formal bid, recommending accumulation around 3,000p for event-driven investors.


Fintech Alpha: Unlocking Hidden Value as Corpay Circles

Alpha Group International / Index Rebalance

<ul>
<li>The rankings for the F100/250 June 2024 index rebalance event will be decided based on the full market cap rankings at the close of trading today (4th June 2024).</li>
<li>Since there have been a couple of intra-review index changes and some ranking changes due to price movements, we have decided to update our expectations for the June 2024 review.</li>
<li>We currently see 2 changes for the F100 index and 3 separate changes for the F250 index. However, the rankings can still change if prices move sharply today.</li>
</ul>


The rankings for the F100/250 June 2024 index rebalance event will be decided based on the full market cap rankings at the close of trading today (4th June 2024).
Since there have been a couple of intra-review index changes and some ranking changes due to price movements, we have decided to update our expectations for the June 2024 review.
We currently see 2 changes for the F100 index and 3 separate changes for the F250 index. However, the rankings can still change if prices move sharply today.


Quiddity Leaderboard F100/​​​250 Jun 24: Last Day of Trading Before Rankings; Many Possibilities

United Kingdom

Alpha Group International PLC is a financial solutions provider specializing in cash and risk management for corporates and institutions operating internationally. The company offers services including foreign exchange risk management, global accounts, multi-currency payments, and cloud-based bank connectivity technology through its Corporate, Private Capital Markets, and Cobase segments. It was founded in 2009 and is headquartered in London, United Kingdom.

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Alpha Group International (ALPH LN)

Quiddity Leaderboard F100/F250 Sep25: High-Impact ADD Due to Rule Change + More Intra-Review Changes

BioPharma Credit PLC Fund (BPCR LN) has been our top F250 potential ADD after a recent rule change. This could be a high-impact index addition that...

Janaghan Jeyakumar, CFA

Fintech Alpha: Unlocking Hidden Value as Corpay Circles

Corpay eyes Alpha Group in a strategic move; with high cash flow, niche exposure, and synergy potential, shares offer 20–25% upside if a bid near...

Jesus Rodriguez Aguilar

Quiddity Leaderboard F100/250 Jun 24: Last Day of Trading Before Rankings; Many Possibilities

Only one of the three F250 expected ADDs and two of the three F250 expected DELs are high-conviction names. The others are close to the border and...

Janaghan Jeyakumar, CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Quiddity Leaderboard F100/F250 Sep25: High-Impact ADD Due to Rule Change + More Intra-Review Changes

BioPharma Credit PLC Fund (BPCR LN) has been our top F250 potential ADD after a recent rule change. This could be a high-impact index addition that...

Janaghan Jeyakumar, CFA

Fintech Alpha: Unlocking Hidden Value as Corpay Circles

Corpay eyes Alpha Group in a strategic move; with high cash flow, niche exposure, and synergy potential, shares offer 20–25% upside if a bid near...

Jesus Rodriguez Aguilar

Quiddity Leaderboard F100/​​​250 Jun 24: Last Day of Trading Before Rankings; Many Possibilities

Only one of the three F250 expected ADDs and two of the three F250 expected DELs are high-conviction names. The others are close to the border and...

Janaghan Jeyakumar, CFA

Quiddity Leaderboard F100/250 Jun 24: Last Day of Trading Before Rankings; Many Possibilities