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>
<a href="https://www.smartkarma.com/entities/vault-minerals-ltd" target="_blank" data-smartkarma-citation="entities:46317:1" rel="noopener">Vault Minerals Ltd (VAU AU)</a> and <a href="https://www.smartkarma.com/entities/regis-resources-ltd" target="_blank" data-smartkarma-citation="entities:20106:1" rel="noopener">Regis Resources (RRL AU)</a> entered into a merger through a scheme of arrangement. The consideration is 0.6937 RRL shares per VAU share.</li>
<li>The deal is largely about chasing scale rather than about operational synergies. <a href="https://www.smartkarma.com/entities/genesis-minerals-ltd" target="_blank" data-smartkarma-citation="entities:4650:1" rel="noopener">Genesis Minerals (GMD AU)</a>, the long-rumoured suitor for Vault, is unlikely to get involved. </li>
<li>The key condition is Vault shareholder approval. The scheme vote is low risk due to a fair merger exchange ratio and benign shareholder structure.</li>
</ul>



Vault Minerals Ltd (VAU AU) and Regis Resources (RRL AU) entered into a merger through a scheme of arrangement. The consideration is 0.6937 RRL shares per VAU share.
The deal is largely about chasing scale rather than about operational synergies. Genesis Minerals (GMD AU), the long-rumoured suitor for Vault, is unlikely to get involved. 
The key condition is Vault shareholder approval. The scheme vote is low risk due to a fair merger exchange ratio and benign shareholder structure.


Vault Minerals (VAU AU): Regis Resources’ Strategically Sensible Merger

Equity, Bottom-up Analyst, Investics Research

Sameer Taneja

Equity, Bottom-up Analyst

Investics Research

It is important to note that the information provided by Investics Research is based on publicly available data and own knowledge, which has been gathered and analyzed from a variety of sources. While every effort has been made to ensure the accuracy and completeness of the information provided, it is not guaranteed to be free from errors or omissions. All forecasts and estimates are based on information that has been obtained from public sources that are considered to be reliable. The sources include but are not limited to, company announcements, exchange filings, presentations, etc. Investics does not guarantee the accuracy and completeness of the forecasts, estimates, and/or other information.

Equity Bottom-up Research

Equity Bottom-Up

<ul>
<li>
$3.1B Q1FY26 all-time record quarterly FCF; Annualized implies a 10% FCF yield, with a realized gold price of 4,900 USD/oz. </li>
<li>
Tanami Exp 2, Cadia PC2-3/PC1-2, Lihir Nearshore Barrier, and Red Chris Block Cave underpin a multi-year production ramp to ~6 Moz (vs. current 5.3 Moz).</li>
<li>
$6B new buyback authorization; $2.7B returned since Feb-26; $1.1B/yr dividend growing per-share as share count declines.</li>
</ul>



$3.1B Q1FY26 all-time record quarterly FCF; Annualized implies a 10% FCF yield, with a realized gold price of 4,900 USD/oz. 

Tanami Exp 2, Cadia PC2-3/PC1-2, Lihir Nearshore Barrier, and Red Chris Block Cave underpin a multi-year production ramp to ~6 Moz (vs. current 5.3 Moz).

$6B new buyback authorization; $2.7B returned since Feb-26; $1.1B/yr dividend growing per-share as share count declines.


Newmont Mining (NEM US): The World's Premier Gold Miner At ~10% FCF Yield

Derivatives and Quantitative Strategist

Gaudenz Schneider

<ul>
<li>
Context: This Insight follows up on previously highlighted relative value opportunities, using a statistical methodology based on mean-reversion to identify opportunities in paired securities.</li>
<li>
Highlights: Currently eleven pair trade opportunities persist across four markets and five sectors.</li>
<li>
Why read: Statistical analysis offers a unique perspective on relative value. Gain insights into actionable statistical pair trade opportunities and monitor performance of previously highlighted pairs.</li>
</ul>



Context: This Insight follows up on previously highlighted relative value opportunities, using a statistical methodology based on mean-reversion to identify opportunities in paired securities.

Highlights: Currently eleven pair trade opportunities persist across four markets and five sectors.

Why read: Statistical analysis offers a unique perspective on relative value. Gain insights into actionable statistical pair trade opportunities and monitor performance of previously highlighted pairs.


Relative Value Opportunities in Asia-Pac, Pair Trade Roundup (6 Apr 2026)

Samsung Fire & Marine Insurance / Equity Bottom-Up

Samsung Fire & Marine Insurance (000810 KS)

<ul>
<li>
Context: This Insight follows up on previously highlighted relative value opportunities, using a statistical methodology based on mean-reversion to identify opportunities in paired securities.</li>
<li>
Highlights: Currently eleven pair trade opportunities persist across five markets and six sectors.</li>
<li>
Why read: Statistical analysis offers a unique perspective on relative value. Gain insights into actionable statistical pair trade opportunities and monitor performance of previously highlighted pairs.</li>
</ul>



Context: This Insight follows up on previously highlighted relative value opportunities, using a statistical methodology based on mean-reversion to identify opportunities in paired securities.

Highlights: Currently eleven pair trade opportunities persist across five markets and six sectors.

Why read: Statistical analysis offers a unique perspective on relative value. Gain insights into actionable statistical pair trade opportunities and monitor performance of previously highlighted pairs.


Relative Value Opportunities in Asia-Pac, Pair Trade Roundup (30 Mar 2026)

<ul>
<li>
Context: This Insight follows up on previously highlighted relative value opportunities, using a statistical methodology based on mean-reversion to identify opportunities in paired securities.</li>
<li>
Highlights: Currently eleven pair trade opportunities persist across five markets and five sectors.</li>
<li>
Why read: Statistical analysis offers a unique perspective on relative value. Gain insights into actionable statistical pair trade opportunities and monitor performance of previously highlighted pairs.</li>
</ul>



Context: This Insight follows up on previously highlighted relative value opportunities, using a statistical methodology based on mean-reversion to identify opportunities in paired securities.

Highlights: Currently eleven pair trade opportunities persist across five markets and five sectors.

Why read: Statistical analysis offers a unique perspective on relative value. Gain insights into actionable statistical pair trade opportunities and monitor performance of previously highlighted pairs.


Relative Value Opportunities in Asia-Pac, Pair Trade Roundup (23 Mar 2026)

Australia

Capricorn Metals Ltd operates as an exploration and production company. The Company specializes in the gold exploration and production services. Capricorn Metals serves customers in Australia.

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Capricorn Metals (CMM AU)

Vault Minerals (VAU AU): Regis Resources’ Strategically Sensible Merger

The deal is largely about chasing scale rather than about operational synergies. The scheme vote is low risk due to a fair merger exchange ratio...

Arun George

Newmont Mining (NEM US): The World's Premier Gold Miner At ~10% FCF Yield

NEM US: World's largest gold miner. Record $3.1B quarterly FCF. $6B buyback. 2026 trough; production ramps to 6Moz+ by 2028. 10.8x PE/6.0 EV-EBITDA...

Sameer Taneja

Relative Value Opportunities in Asia-Pac, Pair Trade Roundup (6 Apr 2026)

Statistical methodology identifies eleven pair trade opportunities across four markets and five sectors, offering unique insights into relative...

Gaudenz Schneider

Relative Value Opportunities in Asia-Pac, Pair Trade Roundup (30 Mar 2026)

Discover eleven pair trade opportunities across five markets and six sectors using statistical mean-reversion methodology for actionable insights.

Gaudenz Schneider

Relative Value Opportunities in Asia-Pac, Pair Trade Roundup (23 Mar 2026)

Discover eleven pair trade opportunities across five markets and five sectors using statistical mean-reversion methodology for actionable insights.

Gaudenz Schneider

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Vault Minerals (VAU AU): Regis Resources’ Strategically Sensible Merger

The deal is largely about chasing scale rather than about operational synergies. The scheme vote is low risk due to a fair merger exchange ratio...

Arun George

Newmont Mining (NEM US): The World's Premier Gold Miner At ~10% FCF Yield

NEM US: World's largest gold miner. Record $3.1B quarterly FCF. $6B buyback. 2026 trough; production ramps to 6Moz+ by 2028. 10.8x PE/6.0 EV-EBITDA...

Sameer Taneja

Relative Value Opportunities in Asia-Pac, Pair Trade Roundup (6 Apr 2026)

​Statistical methodology identifies eleven pair trade opportunities across four markets and five sectors, offering unique insights into relative...

Gaudenz Schneider

Relative Value Opportunities in Asia-Pac, Pair Trade Roundup (30 Mar 2026)

​Discover eleven pair trade opportunities across five markets and six sectors using statistical mean-reversion methodology for actionable insights.

Gaudenz Schneider

Relative Value Opportunities in Asia-Pac, Pair Trade Roundup (23 Mar 2026)

​Discover eleven pair trade opportunities across five markets and five sectors using statistical mean-reversion methodology for actionable insights.

Gaudenz Schneider

Statistical methodology identifies eleven pair trade opportunities across four markets and five sectors, offering unique insights into relative...

Discover eleven pair trade opportunities across five markets and six sectors using statistical mean-reversion methodology for actionable insights.

Discover eleven pair trade opportunities across five markets and five sectors using statistical mean-reversion methodology for actionable insights.