AlphaSituations-Event/Catalyst Driven Research, AlphaSituations

Robert Sassoon

AlphaSituations-Event/Catalyst Driven Research

AlphaSituations

Since its establishment, AlphaSituations has delivered a track record of outperformance with a hit rate of winners of more than 70% of its portfolio of ideas generating annualized average returns of 20%. In January 2022, AlphaSituations was contracted by Water Tower Research, an investor engagement and stakeholder communication platform to provide coverage of Special Situations

Event-Driven

<ul>
<li>The 18% spread suggests there the <a href="https://www.smartkarma.com/entities/apollo-global-management-inc" target="_blank" data-smartkarma-citation="entities:28770:1" rel="noopener">Apollo Global Management Inc (APO US)</a> / <a href="https://www.smartkarma.com/entities/tenneco-inc" target="_blank" data-smartkarma-citation="entities:6260:1" rel="noopener">Tenneco Inc (TEN US)</a> transaction is fraught with risks which, we believe, are more imaginary than real</li>
<li>With TEN shareholders expected to approve the merger next week, we assess regulatory obstacles low and the risk of APO reconsidering the transaction unlikely except in the most unexpected circumstances   </li>
<li>Overall we believe the risk-reward for arbs skews to the attractive with the opportunity to game IRRs in excess of 30%</li>
</ul>


The 18% spread suggests there the Apollo Global Management Inc (APO US) / Tenneco Inc (TEN US) transaction is fraught with risks which, we believe, are more imaginary than real
With TEN shareholders expected to approve the merger next week, we assess regulatory obstacles low and the risk of APO reconsidering the transaction unlikely except in the most unexpected circumstances   
Overall we believe the risk-reward for arbs skews to the attractive with the opportunity to game IRRs in excess of 30%


MergerTalk: Why We Think The Risk In Apollo's Tenneco Buy Out Is Overpriced

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.

Credit

<ul><li>Cummins had a good top-line performance in 2021, as a result of the economic recovery and a high demand for its products.</li><li>The management has also taken several steps to improve their margins in 2022 including cost optimization and improved efficiency in operations.</li><li>We also carry out an objective analysis of the company’s industry risks, ESG risks, management risks, forex risks, concentration risks, and so on, in order to arrive at our Credit Evaluation Score.</li></ul>

Cummins had a good top-line performance in 2021, as a result of the economic recovery and a high demand for its products.The management has also taken several steps to improve their margins in 2022 including cost optimization and improved efficiency in operations.We also carry out an objective analysis of the company’s industry risks, ESG risks, management risks, forex risks, concentration risks, and so on, in order to arrive at our Credit Evaluation Score.

Cummins Inc.: Detailed Credit Analysis & Financial Strength Evaluation Report

Equity Capital Markets

<ul><li>Cummins reported a decent level of full-year revenues in 2021, thanks to a robust economic recovery and high demand for its products.</li><li>The management has also taken several steps to improve their margins in 2022 including cost optimization and improved efficiency in operations.</li><li>They also expect to see significant incremental growth from increased pricing and surcharges and cost-cutting initiatives in their supply chain and operations.</li></ul>

Cummins reported a decent level of full-year revenues in 2021, thanks to a robust economic recovery and high demand for its products.The management has also taken several steps to improve their margins in 2022 including cost optimization and improved efficiency in operations.They also expect to see significant incremental growth from increased pricing and surcharges and cost-cutting initiatives in their supply chain and operations.

Cummins Inc.: Financial & Price Forecasts

<ul><li>Cummins reported a decent result and showed a 16.6% growth in quarterly revenues on a year-on-year basis which was largely driven by a strong consumption of engines.</li><li>Its core Engine segment saw a staggering 22% jump in revenues driven by a combination of North American truck demand as well as off-highway revenues resulting from construction demand in North America, Asia-Pacific, and Europe.</li><li>Cummins’ power generation business also performed well with a double-digit growth driven by recreation vehicle and datacenter markets whereas industrial revenues surged on account of rising demand in mining markets.</li></ul>

Cummins reported a decent result and showed a 16.6% growth in quarterly revenues on a year-on-year basis which was largely driven by a strong consumption of engines.Its core Engine segment saw a staggering 22% jump in revenues driven by a combination of North American truck demand as well as off-highway revenues resulting from construction demand in North America, Asia-Pacific, and Europe.Cummins’ power generation business also performed well with a double-digit growth driven by recreation vehicle and datacenter markets whereas industrial revenues surged on account of rising demand in mining markets.

<ul><li>Cummins reported another all-around beat as the company’s revenues grew significantly after a 272% increase in engine shipments to Stellantis as compared to 2020.</li><li>Cummins is making strides in its hydrogen fuel cells and electrolyzers business and the company has deployed more than 2,000 fuel cells and 600 electrolyzers around the world as of date.</li><li>Another noteworthy development is that the company began testing of a hydrogen-fueled internal combustion engine for heavy-duty truck applications.</li></ul>

Cummins reported another all-around beat as the company’s revenues grew significantly after a 272% increase in engine shipments to Stellantis as compared to 2020.Cummins is making strides in its hydrogen fuel cells and electrolyzers business and the company has deployed more than 2,000 fuel cells and 600 electrolyzers around the world as of date.Another noteworthy development is that the company began testing of a hydrogen-fueled internal combustion engine for heavy-duty truck applications.

United States

Cummins Inc. designs, manufactures, distributes and services diesel and natural gas engines. The Company also manufactures electric power generation systems and engine-related component products, including filtration and exhaust aftertreatment, fuel systems, controls, and air handling systems.

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Cummins Inc (CMI US)

MergerTalk: Why We Think The Risk In Apollo's Tenneco Buy Out Is Overpriced

Whether the oversized spread underestimates Apollo's commitment to the transaction terms or overestimates the deal's regulatory obstacles, either...

Robert Sassoon

Cummins Inc.: Detailed Credit Analysis & Financial Strength Evaluation Report

Cummins had a good top-line performance in 2021, as a result of the economic recovery and a high demand for its products. The management has also...

Baptista Research

Cummins Inc.: Financial & Price Forecasts

Cummins reported a decent level of full-year revenues in 2021, thanks to a robust economic recovery and high demand for its products. The...

Baptista Research

Cummins Inc. - Investment Thesis

Cummins reported a decent result and showed a 16.6% growth in quarterly revenues on a year-on-year basis which was largely driven by a strong...

Baptista Research

Cummins Inc. - Investment Thesis

Cummins reported another all-around beat as the company’s revenues grew significantly after a 272% increase in engine shipments to Stellantis as...

Baptista Research

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