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>The <a href="https://www.smartkarma.com/entities/altium-ltd" target="_blank" data-smartkarma-citation="entities:18626:1" rel="noopener">Altium Ltd (ALU AU)</a> IE considers <a href="https://www.smartkarma.com/entities/renesas-electronics-corp" target="_blank" data-smartkarma-citation="entities:15933:1" rel="noopener">Renesas Electronics (6723 JP)</a>’ A$68.50 scheme offer fair and reasonable as it is above the midpoint of the A$62.37 to A$70.27 valuation range. </li>
<li>The offer is conditional on remaining regulatory approvals (FIRB, CFIUS) and shareholder approval. </li>
<li>The offer price is attractive and 31% above the all-time high. At the last close and for the 1 August payment, the gross/annualised spread was 1.7%/11.6%.</li>
</ul>


The Altium Ltd (ALU AU) IE considers Renesas Electronics (6723 JP)’ A$68.50 scheme offer fair and reasonable as it is above the midpoint of the A$62.37 to A$70.27 valuation range. 
The offer is conditional on remaining regulatory approvals (FIRB, CFIUS) and shareholder approval. 
The offer price is attractive and 31% above the all-time high. At the last close and for the 1 August payment, the gross/annualised spread was 1.7%/11.6%.


Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

Equity Bottom-Up

<ul><li>This is our first report on software provider, Altair Engineering.</li><li>The fourth quarter of 2023 carried positive momentum for the company with record quarterly and full-year revenue of $171.5 million and $612.7 million respectively.</li><li>The company also improved on profitability with a 38.3% year-over year increase in Q4 adjusted Earnings Before Interest, Tax, Depreciation, and Amortization (EBITDA) to $53.6 million and an annual growth of 19% to $129.1 million.</li></ul>

This is our first report on software provider, Altair Engineering.The fourth quarter of 2023 carried positive momentum for the company with record quarterly and full-year revenue of $171.5 million and $612.7 million respectively.The company also improved on profitability with a 38.3% year-over year increase in Q4 adjusted Earnings Before Interest, Tax, Depreciation, and Amortization (EBITDA) to $53.6 million and an annual growth of 19% to $129.1 million.

Altair Engineering: Initiation Of Coverage - Expanded Product Offerings & 3 Key Growth Catalysts! - Major Drivers

<ul><li>This is our first report on cloud and software solutions provider, Altair.</li><li>The company delivered excellent performance in Q3 2023 with software product revenue, total revenue and adjusted EBITDA exceeding the top end of their guidance.</li><li>In this report, we have carried out a fundamental analysis of the historical financial statements of the company.</li></ul>

This is our first report on cloud and software solutions provider, Altair.The company delivered excellent performance in Q3 2023 with software product revenue, total revenue and adjusted EBITDA exceeding the top end of their guidance.In this report, we have carried out a fundamental analysis of the historical financial statements of the company.

Altair Engineering: Initiation of Coverage - Surprising Growth Secrets in a Tough Economy – Major Drivers

United States

Altair Engineering Inc. provides simulation technology and services. The Company offers product engineering, industrial design, technical application, and analytics solutions. Altair Engineering serves aerospace, architectural, construction, automotive, consumer goods, electronics, energy, marine, shipbuilding, and life sciences industries worldwide.

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Altair Engineering (ALTR US)

Altium (ALU AU): Scheme Vote on 12 July

The offer price is attractive and 31% above the all-time high. At the last close and for the 1 August payment, the gross/annualised spread was 1.7%...

Arun George

Altair Engineering: Initiation Of Coverage - Expanded Product Offerings & 3 Key Growth Catalysts! - Major Drivers

This is our first report on software provider, Altair Engineering. The fourth quarter of 2023 carried positive momentum for the company with...

Baptista Research

Altair Engineering: Initiation of Coverage - Surprising Growth Secrets in a Tough Economy – Major Drivers

This is our first report on cloud and software solutions provider, Altair. The company delivered excellent performance in Q3 2023 with software...

Baptista Research

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