European Event-Driven Analyst

Jesus Rodriguez Aguilar

Event-Driven

<ul>
<li>Castlelake’s 625p proposal values easyJet at 3.45x NTM EBITDA, below the 4.1x peer median and less than half Ryanair’s 7.2x multiple, supporting the board’s rejection.</li>
<li>Castlelake’s 625p proposal values easyJet at 3.45x NTM EBITDA, below the 4.1x peer median and less than half Ryanair’s 7.2x multiple, supporting the board’s rejection.</li>
<li>My base-case valuation is 632p/share, rising to 731p at the sector median multiple. Probability-weighted value is 635p, versus the current share price of 518p.</li>
</ul>


Castlelake’s 625p proposal values easyJet at 3.45x NTM EBITDA, below the 4.1x peer median and less than half Ryanair’s 7.2x multiple, supporting the board’s rejection.
Castlelake’s 625p proposal values easyJet at 3.45x NTM EBITDA, below the 4.1x peer median and less than half Ryanair’s 7.2x multiple, supporting the board’s rejection.
My base-case valuation is 632p/share, rising to 731p at the sector median multiple. Probability-weighted value is 635p, versus the current share price of 518p.


Index Rebalance and Special Situations, Quiddity Advisors

Afridi Reyal

Index Rebalance and Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Index Rebalance

<ul>
<li>In this insight, we look at the potential index changes for the F100 and F250 in the run-up to the December 2026 rebal.</li>
<li>We currently expect one F100 change and two F250 changes for the December 2026 rebal. An IPO drives the F100 change, while one F250 change depends on a market transfer.</li>
<li>We also expect one intra-review change for the F250 prior to the December 2026 rebal.</li>
</ul>


In this insight, we look at the potential index changes for the F100 and F250 in the run-up to the December 2026 rebal.
We currently expect one F100 change and two F250 changes for the December 2026 rebal. An IPO drives the F100 change, while one F250 change depends on a market transfer.
We also expect one intra-review change for the F250 prior to the December 2026 rebal.


Quiddity Leaderboard F100/F250 Dec26: Airtel Money IPO and Serica Transfer in Focus

<ul>
<li>The SE600 index is one of the most widely followed benchmark indices in Europe. It also acts as a universe for some highly tracked indices.</li>
<li>In this insight, we consider potential index changes that could take place in the December 2026 rebal, along with many M&amp;A deals that could trigger intra-review changes.</li>
<li>We discuss around seven intra-review index changes likely to take place on or before 4Q 2026 and three regular changes during the December 2026 rebal.</li>
</ul>


The SE600 index is one of the most widely followed benchmark indices in Europe. It also acts as a universe for some highly tracked indices.
In this insight, we consider potential index changes that could take place in the December 2026 rebal, along with many M&amp;A deals that could trigger intra-review changes.
We discuss around seven intra-review index changes likely to take place on or before 4Q 2026 and three regular changes during the December 2026 rebal.


Quiddity Leaderboard SE600 Dec26: Multiple Intra-Review Changes Likely

<ul>
<li>In this insight, we look at the potential index changes for the F100 and F250 in the run-up to the December 2026 rebal. The Airtel Money IPO is a question.</li>
<li>Beazley is set to be deleted from the F100 at the close of 30th September 2026. We have discussed the intra-review implications for the F100 and F250.</li>
<li>Airtel Money isn't certain (more below). Currently we see no likely regular changes taking place for F100 or F250 but some names are close to the border. </li>
</ul>


In this insight, we look at the potential index changes for the F100 and F250 in the run-up to the December 2026 rebal. The Airtel Money IPO is a question.
Beazley is set to be deleted from the F100 at the close of 30th September 2026. We have discussed the intra-review implications for the F100 and F250.
Airtel Money isn't certain (more below). Currently we see no likely regular changes taking place for F100 or F250 but some names are close to the border. 


Quiddity Leaderboard F100/F250 Dec26: Beazley F100 DEL 30th Sep; Airtel Money IPO Question

<ul>
<li>The September 2026 index review results for the F100 and F250 indices were announced yesterday after the LSE market close.</li>
<li>There will be two ADDs and two DELs for the F100 and separately three ADDs and two DELs for the F250 index.</li>
<li>The announced results were in line with our final expectations.</li>
</ul>


The September 2026 index review results for the F100 and F250 indices were announced yesterday after the LSE market close.
There will be two ADDs and two DELs for the F100 and separately three ADDs and two DELs for the F250 index.
The announced results were in line with our final expectations.


Quiddity F100/F250 Sep26 Results: All Expected ADDs/DELs Correct; F100 Intra-Review Change Ahead

United Kingdom

easyJet is a British multinational low-cost airline and package holiday group that operates domestic and international scheduled services across numerous routes in over 34 countries. The company primarily focuses on providing air travel services with an emphasis on low fares, operational efficiency, and a point-to-point model. Headquartered at London Luton Airport in the UK, easyJet was founded in 1995.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

easyJet (EZJ LN)

Castlelake/EasyJet: Is 625p Enough?

At 625p, easyJet would be acquired at 3.45x NTM EBITDA. We review the proposal against peer multiples, asset value and likely shareholder...

Jesus Rodriguez Aguilar

Quiddity Leaderboard F100/F250 Dec26: Airtel Money IPO and Serica Transfer in Focus

Airtel Money could become a strong name for the F100 inclusion in December 2026. We also see Serica Energy as an F250 ADD if it transfers to the...

Afridi Reyal

Quiddity Leaderboard SE600 Dec26: Multiple Intra-Review Changes Likely

SE600 members Beazley and Schroders will be deleted from the index after today's close. We expect Vontobel (VONN SW) and B&M European Value Retail...

Afridi Reyal

Quiddity Leaderboard F100/F250 Dec26: Beazley F100 DEL 30th Sep; Airtel Money IPO Question

F100 members Beazley and Schroders will be deleted from the index following their acquisitions by Zurich and Nuveen respectively. As a result, WPP...

Afridi Reyal

Quiddity F100/F250 Sep26 Results: All Expected ADDs/DELs Correct; F100 Intra-Review Change Ahead

The September 2026 index review results for F100 and F250 indices were announced in line with expectations. Volex is expected to have more than 5x...

Afridi Reyal

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Castlelake/EasyJet: Is 625p Enough?

At 625p, easyJet would be acquired at 3.45x NTM EBITDA. We review the proposal against peer multiples, asset value and likely shareholder...

Jesus Rodriguez Aguilar

Quiddity Leaderboard F100/F250 Dec26: Airtel Money IPO and Serica Transfer in Focus

Airtel Money could become a strong name for the F100 inclusion in December 2026. We also see Serica Energy as an F250 ADD if it transfers to the...

Afridi Reyal

Quiddity Leaderboard SE600 Dec26: Multiple Intra-Review Changes Likely

SE600 members Beazley and Schroders will be deleted from the index after today's close. We expect Vontobel (VONN SW) and B&M European Value Retail...

Afridi Reyal

Quiddity Leaderboard F100/F250 Dec26: Beazley F100 DEL 30th Sep; Airtel Money IPO Question

F100 members Beazley and Schroders will be deleted from the index following their acquisitions by Zurich and Nuveen respectively. As a result, WPP...

Afridi Reyal

Quiddity F100/F250 Sep26 Results: All Expected ADDs/DELs Correct; F100 Intra-Review Change Ahead

​The September 2026 index review results for F100 and F250 indices were announced in line with expectations. Volex is expected to have more than 5x...

Afridi Reyal

The September 2026 index review results for F100 and F250 indices were announced in line with expectations. Volex is expected to have more than 5x...