European Event-Driven Analyst

Jesus Rodriguez Aguilar

Event-Driven

Spirit Aerosystems Holdings, Inc / Event-Driven

<ul>
<li>On July 1, <a href="https://www.smartkarma.com/entities/boeing-co" target="_blank" data-smartkarma-citation="entities:11957:1" rel="noopener">Boeing Co (BA US)</a> announced a definitive agreement to acquire <a href="https://www.smartkarma.com/entities/spirit-aerosystems-holdings-inc" target="_blank" data-smartkarma-citation="entities:19869:1" rel="noopener">Spirit Aerosystems Holdings, Inc (SPR US)</a> in an expected all-share deal valued at c.$4.7 billion, or $37.25/share.</li>
<li>Consideration is calculated using a floating exchange ratio ($37.25 divided by 15-day VWAP) with a collar. 0.20466 using Boeing's last closing share price, which implies 3.9% dilution for Boeing's shareholders.</li>
<li>The offer price is 6.4% above consensus price target median ($35), and reasonable, reflecting some control premium. The valuation represents 10.1x EV/2025 EBITDA based on IBES estimates. Long spread.</li>
</ul>


On July 1, Boeing Co (BA US) announced a definitive agreement to acquire Spirit Aerosystems Holdings, Inc (SPR US) in an expected all-share deal valued at c.$4.7 billion, or $37.25/share.
Consideration is calculated using a floating exchange ratio ($37.25 divided by 15-day VWAP) with a collar. 0.20466 using Boeing's last closing share price, which implies 3.9% dilution for Boeing's shareholders.
The offer price is 6.4% above consensus price target median ($35), and reasonable, reflecting some control premium. The valuation represents 10.1x EV/2025 EBITDA based on IBES estimates. Long spread.


Boeing/Spirit AeroSystems: All-Stock Deal

Articles from Caixin Global, Caixin Global

Caixin Global

Articles from Caixin Global

Caixin is a media group dedicated to providing financial and business news through periodicals, online content, mobile apps, conferences, books and TV/video programs. Caixin aims to blaze a trail that helps traditional media prosper in the new media age through integrated multimedia platforms.

News from Caixin

Cross Asset Strategy

<ul><li>Syngenta / In Depth: Rough market doomed Syngenta listing plans</li><li>Boeing / Boeing’s setbacks open the skies for China’s C919 to take off</li><li>Russia-North Korea / Russia and North Korea have ‘normal needs’ to develop their relationship, China’s Vice Foreign Minister says</li></ul>

Syngenta / In Depth: Rough market doomed Syngenta listing plansBoeing / Boeing’s setbacks open the skies for China’s C919 to take offRussia-North Korea / Russia and North Korea have ‘normal needs’ to develop their relationship, China’s Vice Foreign Minister says

CX Daily: Rough Market Doomed Syngenta Listing Plans 

APAC IPOs & Placements, Aequitas Research

Clarence Chu

APAC 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

Novelis Corporation / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/novelis-corporation" target="_blank" data-smartkarma-citation="entities:39969:1" rel="noopener">Novelis Corporation (0620365D US)</a> Novelis is looking to raise US$1.2bn in its upcoming US IPO. The firm is owned by Indian-listed Hindalco. The deal will consist of 100% secondary shares.</li>
<li>Novelis is a global provider of aluminum solutions for the beverage packaging, automotive markets, specialties markets and aerospace.</li>
<li>In this note, we look at the firm’s past performance.</li>
</ul>



Novelis Corporation (0620365D US) Novelis is looking to raise US$1.2bn in its upcoming US IPO. The firm is owned by Indian-listed Hindalco. The deal will consist of 100% secondary shares.
Novelis is a global provider of aluminum solutions for the beverage packaging, automotive markets, specialties markets and aerospace.
In this note, we look at the firm’s past performance.


Novelis Pre-IPO - Leader in Most Categories, Although End Markets’ Aren’t Really Growing Much

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>The Boeing Company's Q1 2024 marked an important moment for investors, as management focused primarily on the actions taken post the Alaska Airlines accident in January.</li><li>Boeing CEO, Dave Calhoun, emphatically underscored the company's commitment to quality and safety measures.</li><li>The company has improved its production protocols and gone beyond compliance with the FAA directives, working towards an Embedded Quality Action Plan.</li></ul>

The Boeing Company's Q1 2024 marked an important moment for investors, as management focused primarily on the actions taken post the Alaska Airlines accident in January.Boeing CEO, Dave Calhoun, emphatically underscored the company's commitment to quality and safety measures.The company has improved its production protocols and gone beyond compliance with the FAA directives, working towards an Embedded Quality Action Plan.

The Boeing Company: Will The Strategic Acquisition of Spirit Pay Off? - Major Drivers

Podcast by Joe Weisenthal & Tracy Alloway, Odd Lots

Odd Lots

Podcast by Joe Weisenthal & Tracy Alloway

Bloomberg's Joe Weisenthal and Tracy Alloway explore the most interesting topics in finance, markets and economics. Join the conversation every Monday and Thursday.

<ul><li>Boeing shares are down 20% since the start of the year, despite a booming global market for aviation</li><li>Boeing's focus on financial performance and stock price over safety and engineering has been a concern</li><li>The current CEO David Calhoun dissolved the company's strategy department, raising questions about Boeing's future direction and decision-making strategies</li></ul>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

Boeing shares are down 20% since the start of the year, despite a booming global market for aviationBoeing's focus on financial performance and stock price over safety and engineering has been a concernThe current CEO David Calhoun dissolved the company's strategy department, raising questions about Boeing's future direction and decision-making strategiesThis content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

A Longtime Aerospace Analyst Questions Boeing's Future

United States

The Boeing Company, together with its subsidiaries, develops, produces, and markets commercial jet aircraft, as well as provides related support services to the commercial airline industry worldwide.  The Company also researches, develops, produces, modifies, and supports information, space, and defense systems, including military aircraft, helicopters and space and missile systems.

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Boeing Co (BA US)

Boeing/Spirit AeroSystems: All-Stock Deal

Boeing announces $4.7 billion acquisition of Spirit Aerosystems, offering $37.25/share in all-share deal with 3.9% dilution for Boeing...

Jesus Rodriguez Aguilar

CX Daily: Rough Market Doomed Syngenta Listing Plans

Syngenta / In Depth: Rough market doomed Syngenta listing plans Chinese-owned pesticides and seeds giant Syngenta Group Co. Ltd. had spent three...

Caixin Global

Novelis Pre-IPO - Leader in Most Categories, Although End Markets’ Aren’t Really Growing Much

Novelis Corporation (0620365D US) Novelis is looking to raise US$1.2bn in its upcoming US IPO. The firm is owned by Indian-listed Hindalco. The...

Clarence Chu

The Boeing Company: Will The Strategic Acquisition of Spirit Pay Off? - Major Drivers

The Boeing Company's Q1 2024 marked an important moment for investors, as management focused primarily on the actions taken post the Alaska...

Baptista Research

A Longtime Aerospace Analyst Questions Boeing's Future

The current CEO David Calhoun dissolved the company's strategy department, raising questions about Boeing's future direction and decision-making...

Odd Lots

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Boeing/Spirit AeroSystems: All-Stock Deal

​Boeing announces $4.7 billion acquisition of Spirit Aerosystems, offering $37.25/share in all-share deal with 3.9% dilution for Boeing...

Jesus Rodriguez Aguilar

CX Daily: Rough Market Doomed Syngenta Listing Plans

Syngenta / In Depth: Rough market doomed Syngenta listing plans Chinese-owned pesticides and seeds giant Syngenta Group Co. Ltd. had spent three...

Caixin Global

Novelis Pre-IPO - Leader in Most Categories, Although End Markets’ Aren’t Really Growing Much

Novelis Corporation (0620365D US) Novelis is looking to raise US$1.2bn in its upcoming US IPO. The firm is owned by Indian-listed Hindalco. The...

Clarence Chu

The Boeing Company: Will The Strategic Acquisition of Spirit Pay Off? - Major Drivers

The Boeing Company's Q1 2024 marked an important moment for investors, as management focused primarily on the actions taken post the Alaska...

Baptista Research

A Longtime Aerospace Analyst Questions Boeing's Future

The current CEO David Calhoun dissolved the company's strategy department, raising questions about Boeing's future direction and decision-making...

Odd Lots

Boeing announces $4.7 billion acquisition of Spirit Aerosystems, offering $37.25/share in all-share deal with 3.9% dilution for Boeing...