Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Index Rebalance

<ul>
<li>The S&amp;P 500 index tracks the 500 largest names listed in the US and it is one of the most highly-tracked indices in the world.</li>
<li>The rankings used for the September 2024 index rebal event will be based on yesterday's (4th September 2024) opening prices.</li>
<li>In this insight, we take a final look at the potential ADDs and DELs leading the rankings for the upcoming review.</li>
</ul>


The S&amp;P 500 index tracks the 500 largest names listed in the US and it is one of the most highly-tracked indices in the world.
The rankings used for the September 2024 index rebal event will be based on yesterday's (4th September 2024) opening prices.
In this insight, we take a final look at the potential ADDs and DELs leading the rankings for the upcoming review.


Quiddity Leaderboard S&P 500 Sep 24 Rebal (Final): 2 Changes Possible

<ul>
<li>The S&amp;P 500 index tracks the 500 largest names listed in the US and it is one of the most highly-tracked indices in the world.</li>
<li>In this insight, we take a look at the upcoming constituent changes in the run up to the September 2024 index rebal event.</li>
<li>We expect two regular changes in September 2024. There are also several live M&amp;A events which could trigger intra-review index changes in the late-2024/early-2025.</li>
</ul>


The S&amp;P 500 index tracks the 500 largest names listed in the US and it is one of the most highly-tracked indices in the world.
In this insight, we take a look at the upcoming constituent changes in the run up to the September 2024 index rebal event.
We expect two regular changes in September 2024. There are also several live M&amp;A events which could trigger intra-review index changes in the late-2024/early-2025.


Quiddity Leaderboard S&P500 Sep 24 Rebal: Palantir, Apollo, Workday Racing for Mega$ Flows

Apollo Global Management  / Index Rebalance

<ul>
<li>The S&amp;P 500 index tracks the 500 largest names listed in the US and it is one of the most highly-tracked indices in the world.</li>
<li>In this insight, we take a look at the upcoming constituent changes in the run up to the September 2024 index rebal event.</li>
<li>We expect two regular changes during September. More interestingly, a couple of SP500 members are working on spin-offs which could trigger some high-impact deletions over the next few months.</li>
</ul>


The S&amp;P 500 index tracks the 500 largest names listed in the US and it is one of the most highly-tracked indices in the world.
In this insight, we take a look at the upcoming constituent changes in the run up to the September 2024 index rebal event.
We expect two regular changes during September. More interestingly, a couple of SP500 members are working on spin-offs which could trigger some high-impact deletions over the next few months.


Sep24 S&P500 Index Rebal - Two Changes Expected; $6bn One-Way Flow and Two Spinoffs?

European Event-Driven Analyst

Jesus Rodriguez Aguilar

Event-Driven

<ul>
<li>On 12 May, The Times reported that Sidara was planning to make a higher bid for Wood after its initial offer was turned down by the company last week.</li>
<li>This proposal was unsolicited and conditional. Premium is 30%, implied equity value £1,418 million (c.$1.775 million), implied EV £2,508 million; 5.3x EV/Fwd NTM EBITDA. Sidara recognizes value.</li>
<li>Shares are trading at a lower spread than at the time of Apollo's 240p proposal. Nevertheless, without a significant sweetening, the likelihood of a deal seems relatively low.</li>
</ul>


On 12 May, The Times reported that Sidara was planning to make a higher bid for Wood after its initial offer was turned down by the company last week.
This proposal was unsolicited and conditional. Premium is 30%, implied equity value £1,418 million (c.$1.775 million), implied EV £2,508 million; 5.3x EV/Fwd NTM EBITDA. Sidara recognizes value.
Shares are trading at a lower spread than at the time of Apollo's 240p proposal. Nevertheless, without a significant sweetening, the likelihood of a deal seems relatively low.


Sidara/John Wood: Awaiting a Sweetened Offer

<ul>
<li>Apollo has acquired 21.85% of <a href="https://www.smartkarma.com/entities/applus-services-sa" target="_blank" data-smartkarma-citation="entities:21249:1" rel="noopener">Applus Services SA (APPS SM)</a> from risk arb funds and raised the offer price by 12% to €10.65/share, 9% above I Squared/TDR's offer.</li>
<li>The competing consortium should counterbid to stay in the game. My fair value estimate is €10.92. The shares are trading at €10.88 in the hope of a counteroffer.</li>
<li>If you have not been holding the shares since the outset (I have been positive about the shares since May), I would probably weight the risk/reward before getting involved.</li>
</ul>


Apollo has acquired 21.85% of Applus Services SA (APPS SM) from risk arb funds and raised the offer price by 12% to €10.65/share, 9% above I Squared/TDR's offer.
The competing consortium should counterbid to stay in the game. My fair value estimate is €10.92. The shares are trading at €10.88 in the hope of a counteroffer.
If you have not been holding the shares since the outset (I have been positive about the shares since May), I would probably weight the risk/reward before getting involved.


Apollo Increases Its Advantage in the Bidding War

United States

Apollo Global Management, Inc. operates as an alternative investment management company. The Company focuses on investing in yield, hybrid, and equity markets to generate retirement and investment income for clients. Apollo Global Management serves businesses and individuals worldwide.

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Apollo Global Management (APO US)

Quiddity Leaderboard S&P 500 Sep 24 Rebal (Final): 2 Changes Possible

The SP500 Rebalance for Sep 2024 is based off the Wednesday open and should be announced on 6 Sep 2024. We see two possible ADDs vs DELETEs but the...

Travis Lundy

Quiddity Leaderboard S&P500 Sep 24 Rebal: Palantir, Apollo, Workday Racing for Mega$ Flows

S&P500 rebals are notoriously difficult to predict because of significant index committee discretion. Sep24 could see two adds, two deletes. Q4...

Travis Lundy

Sep24 S&P500 Index Rebal - Two Changes Expected; $6bn One-Way Flow and Two Spinoffs?

The S&P500 index rebal is coming in about 7 weeks. There are about 5 weeks of data left to tally. We expect there are two changes, but there are...

Travis Lundy

Sidara/John Wood: Awaiting a Sweetened Offer

Sidara plans higher bid for Wood after initial offer rejected by company, recognizing value but likelihood of deal remains low without significant...

Jesus Rodriguez Aguilar

Apollo Increases Its Advantage in the Bidding War

Apollo acquires 21.85% of Applus Services, raises offer price by 12% and 9% above I Squared/TDR. The market expects a counteroffer. If not already...

Jesus Rodriguez Aguilar

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Quiddity Leaderboard S&P 500 Sep 24 Rebal (Final): 2 Changes Possible

The SP500 Rebalance for Sep 2024 is based off the Wednesday open and should be announced on 6 Sep 2024. We see two possible ADDs vs DELETEs but the...

Travis Lundy

Quiddity Leaderboard S&P500 Sep 24 Rebal: Palantir, Apollo, Workday Racing for Mega$ Flows

S&P500 rebals are notoriously difficult to predict because of significant index committee discretion. Sep24 could see two adds, two deletes. Q4...

Travis Lundy

Sep24 S&P500 Index Rebal - Two Changes Expected; $6bn One-Way Flow and Two Spinoffs?

The S&P500 index rebal is coming in about 7 weeks. There are about 5 weeks of data left to tally. We expect there are two changes, but there are...

Travis Lundy

Sidara/John Wood: Awaiting a Sweetened Offer

​Sidara plans higher bid for Wood after initial offer rejected by company, recognizing value but likelihood of deal remains low without significant...

Jesus Rodriguez Aguilar

Apollo Increases Its Advantage in the Bidding War

​Apollo acquires 21.85% of Applus Services, raises offer price by 12% and 9% above I Squared/TDR. The market expects a counteroffer. If not already...

Jesus Rodriguez Aguilar

Sidara plans higher bid for Wood after initial offer rejected by company, recognizing value but likelihood of deal remains low without significant...

Apollo acquires 21.85% of Applus Services, raises offer price by 12% and 9% above I Squared/TDR. The market expects a counteroffer. If not already...