Index Rebal/Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal/Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Event-Driven

<ul>
<li>In this insight, we take a look at the names leading the race to become ADDs/DELs for the STOXX Europe 600 and EURO STOXX Indices for the March 2023 Rebalance.</li>
<li>As it stands, I see 6 ADDs/DELs for the STOXX Europe 600 index and 3 ADDs and 2 DELs for the Euro STOXX Index in March 2023.</li>
<li>There are several names requiring a small price change to trigger more constituent changes and with few more days left to the reference date, a lot can change.</li>
</ul>


In this insight, we take a look at the names leading the race to become ADDs/DELs for the STOXX Europe 600 and EURO STOXX Indices for the March 2023 Rebalance.
As it stands, I see 6 ADDs/DELs for the STOXX Europe 600 index and 3 ADDs and 2 DELs for the Euro STOXX Index in March 2023.
There are several names requiring a small price change to trigger more constituent changes and with few more days left to the reference date, a lot can change.


Quiddity Leaderboard SE600 Mar 23: Linde Deletion and 6 Regular ADDs/DELs

<ul>
<li>In this insight, we take a look at the names leading the race to become ADDs/DELs for the STOXX Europe 600 and EURO STOXX Indices for the March 2023 Rebalance.</li>
<li>Based on the latest available data, I see five ADDs/DELs for the STOXX Europe 600 Index during the March 2023 review.</li>
<li>Separately, <a href="https://www.smartkarma.com/entities/electricite-de-france-sa" target="_blank" data-smartkarma-citation="entities:21441:1" rel="noopener">Electricite De France Sa (EDF FP)</a> and <a href="https://www.smartkarma.com/entities/vantage-towers-ag" target="_blank" data-smartkarma-citation="entities:35602:1" rel="noopener">Vantage Towers (VTWR GR)</a> could have index outflows triggered by extraordinary float adjustments before or during the March 2023 review. </li>
</ul>


In this insight, we take a look at the names leading the race to become ADDs/DELs for the STOXX Europe 600 and EURO STOXX Indices for the March 2023 Rebalance.
Based on the latest available data, I see five ADDs/DELs for the STOXX Europe 600 Index during the March 2023 review.
Separately, Electricite De France Sa (EDF FP) and Vantage Towers (VTWR GR) could have index outflows triggered by extraordinary float adjustments before or during the March 2023 review. 


Quiddity Leaderboard STOXX Europe Mar 23: 5 ADDs/DELs and Potential Downweights for EDF and VTWR

European Event-Driven Analyst

Jesus Rodriguez Aguilar

<ul>
<li>On 6 July, the French Prime Minister said that France would have 100% of EDF. I recommended BUY at €8.98 in the wake of a very willing big-pocketed buyer.</li>
<li>The French state now holds 92.71% of voting rights in EDF, and intends to initiate the squeeze-out within three months from closing (up to 22 March).</li>
<li>Although the shares are still liquid, gross spread is 0-2 bps, and therefore there is no trade worth considering, in my view, just selling into the sustained purchase order/await squeeze-out.</li>
</ul>


On 6 July, the French Prime Minister said that France would have 100% of EDF. I recommended BUY at €8.98 in the wake of a very willing big-pocketed buyer.
The French state now holds 92.71% of voting rights in EDF, and intends to initiate the squeeze-out within three months from closing (up to 22 March).
Although the shares are still liquid, gross spread is 0-2 bps, and therefore there is no trade worth considering, in my view, just selling into the sustained purchase order/await squeeze-out.


République Française/​​EDF: Squeeze-Out

<ul>
<li>In this insight, we take a look at the names leading the race to become ADDs/DELs for the STOXX Europe 600 and EuroSTOXX Indices for the December 2022 Rebalance.</li>
<li>I expect at least two STOXX Europe 600 constituents involved in M&amp;A deals to get deleted in November 2022. There could be more in December 2022.</li>
<li>
<a href="https://www.smartkarma.com/entities/dr-ing-h-c-f-porsche-aktiengesellschaft" target="_blank" data-smartkarma-citation="entities:36343:1" rel="noopener">Porsche AG (P911 GR)</a> is currently the highest ranked non-constituent and is leading the race to become an intra-review add in November 2022.</li>
</ul>


In this insight, we take a look at the names leading the race to become ADDs/DELs for the STOXX Europe 600 and EuroSTOXX Indices for the December 2022 Rebalance.
I expect at least two STOXX Europe 600 constituents involved in M&amp;A deals to get deleted in November 2022. There could be more in December 2022.

Porsche AG (P911 GR) is currently the highest ranked non-constituent and is leading the race to become an intra-review add in November 2022.


STOXX Europe Quiddity Leaderboard Dec 22: Two Intra-Review Changes & Porsche Addition Likely In Nov

Index Rebalance

<ul>
<li>In this insight, we take a look at the names leading the race to become ADDs/DELs for the STOXX Europe 600 and EuroSTOXX Indices for the December 2022 Rebalance.</li>
<li>There could be five M&amp;A-related intra-review deletions between now and the end of the year.</li>
<li>There could be more index changes in the December 2022 Rebalance too. </li>
</ul>


In this insight, we take a look at the names leading the race to become ADDs/DELs for the STOXX Europe 600 and EuroSTOXX Indices for the December 2022 Rebalance.
There could be five M&amp;A-related intra-review deletions between now and the end of the year.
There could be more index changes in the December 2022 Rebalance too. 


STOXX Europe Quiddity Leaderboard Dec 22: Five Intra-Review Changes, Porsche Leading The Race

France

Electricite de France (EDF) produces, transmits, distributes, imports and exports electricity.  The Company, using nuclear power, coal and gas, provides electricity for French energy consumers.

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

Electricite De France Sa (EDF FP)

Quiddity Leaderboard SE600 Mar 23: Linde Deletion and 6 Regular ADDs/DELs

I expect Linde AG (LIN GR) to be replaced by Sinch (SINCH SS) in the STOXX Europe 600 index at the end of February 2023 (before the March 2023...

Janaghan Jeyakumar, CFA

Quiddity Leaderboard STOXX Europe Mar 23: 5 ADDs/DELs and Potential Downweights for EDF and VTWR

At present, there are multiple names hovering around the borders requiring fairly small price gains/drops to become ADDs/DELs in the March 2023...

Janaghan Jeyakumar, CFA

République Française/EDF: Squeeze-Out

The French state now holds 92.71% of voting rights in EDF, and intends to initiate the squeeze-out within three months from closing (up to 22 March).

Jesus Rodriguez Aguilar

STOXX Europe Quiddity Leaderboard Dec 22: Two Intra-Review Changes & Porsche Addition Likely In Nov

Between now and the end of the year, there could up to 14 constituent changes in the STOXX Europe 600 index including 5 intra review changes....

Janaghan Jeyakumar, CFA

STOXX Europe Quiddity Leaderboard Dec 22: Five Intra-Review Changes, Porsche Leading The Race

I expect ~12 ADDs/DELs in total for the STOXX Europe 600 index before the end of the year including intra-review changes and regular review...

Janaghan Jeyakumar, CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Quiddity Leaderboard SE600 Mar 23: Linde Deletion and 6 Regular ADDs/DELs

I expect Linde AG (LIN GR) to be replaced by Sinch (SINCH SS) in the STOXX Europe 600 index at the end of February 2023 (before the March 2023...

Janaghan Jeyakumar, CFA

Quiddity Leaderboard STOXX Europe Mar 23: 5 ADDs/DELs and Potential Downweights for EDF and VTWR

At present, there are multiple names hovering around the borders requiring fairly small price gains/drops to become ADDs/DELs in the March 2023...

Janaghan Jeyakumar, CFA

République Française/​​EDF: Squeeze-Out

The French state now holds 92.71% of voting rights in EDF, and intends to initiate the squeeze-out within three months from closing (up to 22 March).

Jesus Rodriguez Aguilar

STOXX Europe Quiddity Leaderboard Dec 22: Two Intra-Review Changes & Porsche Addition Likely In Nov

Between now and the end of the year, there could up to 14 constituent changes in the STOXX Europe 600 index including 5 intra review changes....

Janaghan Jeyakumar, CFA

STOXX Europe Quiddity Leaderboard Dec 22: Five Intra-Review Changes, Porsche Leading The Race

I expect ~12 ADDs/DELs in total for the STOXX Europe 600 index before the end of the year including intra-review changes and regular review...

Janaghan Jeyakumar, CFA

République Française/EDF: Squeeze-Out