European Event-Driven Analyst

Jesus Rodriguez Aguilar

Event-Driven

<ul>
<li>FTSE-250 constituent <a href="https://www.smartkarma.com/entities/vistry-group-plc" target="_blank" data-smartkarma-citation="entities:21858:1" rel="noopener">Vistry Group (VTY LN)</a> has agreed to buy rival <a href="https://www.smartkarma.com/entities/countryside-partnerships-plc" target="_blank" data-smartkarma-citation="entities:35428:1" rel="noopener">Countryside Partnerships (CSP LN)</a> in a recommended cash&amp;stock deal that values embattled Countryside at c.£1.25 billion (lower than previous offers).</li>
<li>Consideration is 1 CSP LN=0.255 VTY LN+60p, 9.1% premium, 7.0x EV/Fwd EBITDA and 1.3x P/Fwd BV, which seems cheap. The sector is pricing in many potential bad news.</li>
<li>Gross spread is +2.1%. It has only been negative during three days since the deal announcement. I would wait for the spread to become negative before taking a position. </li>
</ul>


FTSE-250 constituent Vistry Group (VTY LN) has agreed to buy rival Countryside Partnerships (CSP LN) in a recommended cash&amp;stock deal that values embattled Countryside at c.£1.25 billion (lower than previous offers).
Consideration is 1 CSP LN=0.255 VTY LN+60p, 9.1% premium, 7.0x EV/Fwd EBITDA and 1.3x P/Fwd BV, which seems cheap. The sector is pricing in many potential bad news.
Gross spread is +2.1%. It has only been negative during three days since the deal announcement. I would wait for the spread to become negative before taking a position. 


Vistry/Countryside Partnerships:  Agreed Offer

Equity Analyst, Event-driven, Quiddity Advisors

Janaghan Jeyakumar, CFA

Equity Analyst, Event-driven

Quiddity Advisors

Pan-Asia Catalysts/Events

<ul>
<li>The STOXX Europe 600 Index is a benchmark index with a fixed number of 600 components representing large, mid and small capitalization companies across 17 countries of the European region.</li>
<li>The EURO STOXX Index is a subset of the STOXX Europe 600 Index and is also the parent index for the widely-tracked EURO STOXX 50 Index.</li>
<li>Below is a look at the Potential Adds and Deletes for the STOXX Europe 600 Index and the EURO STOXX Index in the upcoming index review in March 2022.</li>
</ul>


The STOXX Europe 600 Index is a benchmark index with a fixed number of 600 components representing large, mid and small capitalization companies across 17 countries of the European region.
The EURO STOXX Index is a subset of the STOXX Europe 600 Index and is also the parent index for the widely-tracked EURO STOXX 50 Index.
Below is a look at the Potential Adds and Deletes for the STOXX Europe 600 Index and the EURO STOXX Index in the upcoming index review in March 2022.


STOXX Europe Indices: Quiddity Leaderboard for March 2022 Rebalance (And Jan 2022 BHP Replacement)

United Kingdom

Countryside Partnerships PLC offers property development services. The Company constructs houses, commercial, office, industrial, retail, and recreational facilities. Countryside Partnerships serves customers in the United Kingdom.

Countryside Partnerships (CSP LN)

Vistry/Countryside Partnerships: Agreed Offer

Vistry agreed to acquire the entire share capital of Countryside in a stock swap transaction via scheme of arrangement, at a lower price than that...

Jesus Rodriguez Aguilar

STOXX Europe Indices: Quiddity Leaderboard for March 2022 Rebalance (And Jan 2022 BHP Replacement)

A look at the Potential Adds and Deletes for the STOXX Europe 600 Index and the EURO STOXX Index in the upcoming index review in March 2022.

Janaghan Jeyakumar, CFA