Writing about High Quality Companies, Enlightened Capital

Enlightened Capital

Writing about High Quality Companies

I have more than 8 years of investing experience across Equities and Fixed Income (Investment Grade/High Yield). I have largely focused on Financials, Energy, and Utilities professionally, but I am interested in exploring new sectors to find attractive opportunities. Right now, the Payments sector is occupying much of my time.

Equity Bottom-Up

Apollo Global Management  / Equity Bottom-Up

<ul><li>APO is a top 5 alternative asset manager globally with $513bn of AUM as of 1Q22.</li><li>APO’s AUM is diversified across 73% of AUM in Yield strategies, 17% in Equity strategies, and 10% in Hybrid strategies.</li><li>APO recently acquired the remaining 65% of Athene (ATH), for $10.4bn (6x ’22 EPS), adding ~$200bn of insurance liabilities to APO’s balance sheet including fixed indexed annuities, fixed annuities, group annuities, and funding agreements.</li></ul>

APO is a top 5 alternative asset manager globally with $513bn of AUM as of 1Q22.APO’s AUM is diversified across 73% of AUM in Yield strategies, 17% in Equity strategies, and 10% in Hybrid strategies.APO recently acquired the remaining 65% of Athene (ATH), for $10.4bn (6x ’22 EPS), adding ~$200bn of insurance liabilities to APO’s balance sheet including fixed indexed annuities, fixed annuities, group annuities, and funding agreements.

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

<ul>
<li>PAG aims to raise around US$2bn via its Hong Kong IPO.</li>
<li>PAG is an alternative investment firm focused on Asia-Pacific (APAC), it had approximately US$50bn in assets under management (AUM), as of Dec 21.</li>
<li>In this note, we will talk about the not so positive aspects of the deal.</li>
</ul>


PAG aims to raise around US$2bn via its Hong Kong IPO.
PAG is an alternative investment firm focused on Asia-Pacific (APAC), it had approximately US$50bn in assets under management (AUM), as of Dec 21.
In this note, we will talk about the not so positive aspects of the deal.


PAG Pre-IPO - The Negatives - Planned Reorg Doesn't Sound Great

<ul>
<li>PAG aims to raise around US$2bn via its Hong Kong IPO.</li>
<li>PAG is an alternative investment firm focused on Asia-Pacific (APAC), it had approximately US$50bn in assets under management (AUM), as of Dec 21.</li>
<li>In this note, we will talk about the positive aspects of the deal.</li>
</ul>


PAG aims to raise around US$2bn via its Hong Kong IPO.
PAG is an alternative investment firm focused on Asia-Pacific (APAC), it had approximately US$50bn in assets under management (AUM), as of Dec 21.
In this note, we will talk about the positive aspects of the deal.


PAG Pre-IPO - The Positives - Past Record Has Been Decent

SPAC Deep Dive, subSPAC

subSPAC

SPAC Deep Dive

Each week we’ll identify and break down for you SPACs that are capturing market share and making an impact.

Global Business Travel Group I / Equity Capital Markets

<ul>
<li>When American Express Global Business Travel announced that it was going public through a SPAC merger with Apollo Global Management at $5.3 billion, the industry was split</li>
<li>While some lauded the move as a way to capitalize on the rebound in travel &amp; industry consolidation, others questioned the timing of the deal and the long-term outlook of the market</li>
<li>With so many uncertainties surrounding the future of work, new waves of the pandemic, and general business outlook, enthusiasm about the deal is muted</li>
</ul>


When American Express Global Business Travel announced that it was going public through a SPAC merger with Apollo Global Management at $5.3 billion, the industry was split
While some lauded the move as a way to capitalize on the rebound in travel &amp; industry consolidation, others questioned the timing of the deal and the long-term outlook of the market
With so many uncertainties surrounding the future of work, new waves of the pandemic, and general business outlook, enthusiasm about the deal is muted


This Deal Will Reshape The Future of Corporate Travel

European Event-Driven Analyst

Jesus Rodriguez Aguilar

Event-Driven

<ul>
<li>Apollo approached educational conglomerate <a href="https://www.smartkarma.com/entities/pearson-plc" target="_blank" data-smartkarma-citation="entities:680:1" rel="noopener">Pearson Plc (PSON LN)</a> regarding a 854.2p prospective offer for 100%, rejected by the Board. Value creation should come from further divesting businesses. <strong>PUSU deadline</strong> is <strong>8 April</strong>. </li>
<li>Cevian, top shareholder, has a 10.24% stake, and bargaining power (it could prevent a delisting). Using DCF, base-case TP is 742p, best case is 834p. Comps-based valuation is 815p.</li>
<li>The market's gone beyond initial doubts, shares closed at 827.6p on 15 March (3.3% gross spread), betting Apollo will succeed (probably raising the offer). The CDS market already believed it.</li>
</ul>


Apollo approached educational conglomerate Pearson Plc (PSON LN) regarding a 854.2p prospective offer for 100%, rejected by the Board. Value creation should come from further divesting businesses. PUSU deadline is 8 April. 
Cevian, top shareholder, has a 10.24% stake, and bargaining power (it could prevent a delisting). Using DCF, base-case TP is 742p, best case is 834p. Comps-based valuation is 815p.
The market's gone beyond initial doubts, shares closed at 827.6p on 15 March (3.3% gross spread), betting Apollo will succeed (probably raising the offer). The CDS market already believed it.


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)

Apollo Global (APO)

APO is a top 5 alternative asset manager globally with $513bn of AUM as of 1Q22. APO’s AUM is diversified across 73% of AUM in Yield strategies,...

Enlightened Capital

PAG Pre-IPO - The Negatives - Planned Reorg Doesn't Sound Great

PAG aims to raise around US$2bn via its Hong Kong IPO. In this note, we talk about the not so positive aspects of the deal.

Sumeet Singh

PAG Pre-IPO - The Positives - Past Record Has Been Decent

PAG aims to raise around US$2bn via its Hong Kong IPO. PAG is an alternative investment firm with APAC focus and US$50bn AUM.

Sumeet Singh

This Deal Will Reshape The Future of Corporate Travel

Welcome to The Rundown! Each week we’ll identify and break down for you SPACs that are capturing market share and making an impact. Happy Sunday...

subSPAC

Apollo/Pearson: Prospective Offer

Apollo confirmed it is evaluating a cash offer for Pearson, which rejected a second 854p approach. PUSU deadline is 8 April. On a best-case...

Jesus Rodriguez Aguilar

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