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>In response to an AFR article, <a href="https://www.smartkarma.com/entities/aub-group-limited" target="_blank" data-smartkarma-citation="entities:11179:1" rel="noopener">AUB Group Limited (AUB AU)</a> confirmed that on 26 September, it received a non-binding proposal from <a href="https://www.smartkarma.com/entities/eqt-ab" target="_blank" data-smartkarma-citation="entities:28922:1" rel="noopener">EQT (EQT SS)</a> at A$45.00.</li>
<li>While the offer represents an all-time high, it is arguably light compared to precedent transactions and peer multiples. EQT's history of unsuccessful ASX tilts warrants some caution. </li>
<li>The Board has granted a six-week exclusive due diligence period, which ends on 20 November. The shareholder structure reduces the vote risk. </li>
</ul>


In response to an AFR article, AUB Group Limited (AUB AU) confirmed that on 26 September, it received a non-binding proposal from EQT (EQT SS) at A$45.00.
While the offer represents an all-time high, it is arguably light compared to precedent transactions and peer multiples. EQT's history of unsuccessful ASX tilts warrants some caution. 
The Board has granted a six-week exclusive due diligence period, which ends on 20 November. The shareholder structure reduces the vote risk. 


AUB Group (AUB AU): EQT’s NBIO at A$45.00

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

Arthur J Gallagher & Co / Equity Bottom-Up

<ul><li>Arthur J.</li><li>Gallagher & Company reported strong performance for the second quarter of 2025, showcasing notable achievements in revenue growth, margin expansion, and continuous double-digit growth in adjusted EBITDAC, continuing a streak into the 21st consecutive quarter.</li><li>The company observed a 16% growth in combined revenue from its Brokerage and Risk Management segments, accompanied by a 5.4% organic revenue growth.</li></ul>

Arthur J.Gallagher & Company reported strong performance for the second quarter of 2025, showcasing notable achievements in revenue growth, margin expansion, and continuous double-digit growth in adjusted EBITDAC, continuing a streak into the 21st consecutive quarter.The company observed a 16% growth in combined revenue from its Brokerage and Risk Management segments, accompanied by a 5.4% organic revenue growth.

Arthur J. Gallagher & Co. Accelerates Integration Playbook for Big-Ticket Acquisitions!

<ul><li>Arthur J.</li><li>Gallagher & Company reported strong financial results for the third quarter of 2024, showcasing a robust performance across its core segments, Brokerage and Risk Management.</li><li>The company's revenue growth was impressive at 13%, with organic growth marking 6%.</li></ul>

Arthur J.Gallagher & Company reported strong financial results for the third quarter of 2024, showcasing a robust performance across its core segments, Brokerage and Risk Management.The company's revenue growth was impressive at 13%, with organic growth marking 6%.

Arthur J. Gallagher & Co.: These Are The 4 Biggest Challenges Responsible For Our Lack Of Optimism! - Major Drivers

<ul><li>Arthur J.</li><li>Gallagher & Co. reported strong financial performance for Q2 2024, underpinned by significant growth in revenue and earnings.</li><li>The firm's combined Brokerage and Risk Management segments saw a 14% increase in revenue and a 7.7% rise in organic growth, with an adjusted EBITDAC margin expansion of 102 basis points to 31.4%.</li></ul>

Arthur J.Gallagher & Co. reported strong financial performance for Q2 2024, underpinned by significant growth in revenue and earnings.The firm's combined Brokerage and Risk Management segments saw a 14% increase in revenue and a 7.7% rise in organic growth, with an adjusted EBITDAC margin expansion of 102 basis points to 31.4%.

Arthur J. Gallagher & Co.: Acquisition of Cornerstone Insurance to Strengthen Regional Expertise & Other Major Drivers

<ul>
<li>On 22 August, the <a href="https://www.smartkarma.com/entities/psc-insurance-group-ltd" target="_blank" data-smartkarma-citation="entities:24266:1" rel="noopener">Psc Insurance (PSI AU)</a> IE considered Ardonagh’s A$6.19 offer fair and reasonable as it is within the A$5.69 to A$6.65 valuation range. </li>
<li>The offer is conditional on shareholder approval of the scheme. No disinterested shareholder holds the 25% blocking stake. The scheme meeting is on 26 September.</li>
<li>The offer is attractive and represents an all-time high. At the last close and for the 11 October payment, the gross/annualised spread is 1.3%/12.1%.</li>
</ul>


On 22 August, the Psc Insurance (PSI AU) IE considered Ardonagh’s A$6.19 offer fair and reasonable as it is within the A$5.69 to A$6.65 valuation range. 
The offer is conditional on shareholder approval of the scheme. No disinterested shareholder holds the 25% blocking stake. The scheme meeting is on 26 September.
The offer is attractive and represents an all-time high. At the last close and for the 11 October payment, the gross/annualised spread is 1.3%/12.1%.


United States

Arthur J. Gallagher & Co. and its subsidiaries provide insurance brokerage, risk management, employee benefit, and other related services to clients in the United States and abroad. The Company's principal activity is the negotiation and placement of insurance for its clients. Gallagher also specializes in furnishing risk management services.

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Arthur J Gallagher & Co (AJG US)

AUB Group (AUB AU): EQT’s NBIO at A$45.00

While the offer represents an all-time high, it is arguably light compared to precedent transactions and peer multiples.

Arun George

Arthur J. Gallagher & Co. Accelerates Integration Playbook for Big-Ticket Acquisitions!

Arthur J. Gallagher & Company reported strong performance for the second quarter of 2025, showcasing notable achievements in revenue growth,...

Baptista Research

Arthur J. Gallagher & Co.: These Are The 4 Biggest Challenges Responsible For Our Lack Of Optimism! - Major Drivers

Arthur J. Gallagher & Company reported strong financial results for the third quarter of 2024, showcasing a robust performance across its core...

Baptista Research

Arthur J. Gallagher & Co.: Acquisition of Cornerstone Insurance to Strengthen Regional Expertise & Other Major Drivers

Arthur J. Gallagher & Co. reported strong financial performance for Q2 2024, underpinned by significant growth in revenue and earnings. The...

Baptista Research

PSC Insurance (PSI AU): A Done Deal

The offer is attractive and represents an all-time high. At the last close and for the 11 October payment, the gross/annualised spread is 1.3%/12.1%.

Arun George

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