External broker reports(aggregated public sources), Wilsons Advisory

Wilsons Advisory

External broker reports(aggregated public sources)

Wilsons has a distinguished history in financial services that spans over 125 years. Today, the group has significant capabilities in private wealth management, corporate finance, research and investment strategy, and institutional sales. Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

<ul><li>EQT Holdings received Ministerial Approval for the acquisition of Australian Executor Trustees (AET) yesterday.</li><li>We take this opportunity to consolidate our forecasts.</li><li>We continue to view the acquisition, which results in FUMAS +3.9%, EBITDA +16.3%, NPAT +17.3% and EPS +6.4% in FY23e favourably, and are encouraged by geographic and product opportunities available in the long-term, particularly in Philanthropy and Health &amp; Personal Injury. </li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

EQT Holdings received Ministerial Approval for the acquisition of Australian Executor Trustees (AET) yesterday.We take this opportunity to consolidate our forecasts.We continue to view the acquisition, which results in FUMAS +3.9%, EBITDA +16.3%, NPAT +17.3% and EPS +6.4% in FY23e favourably, and are encouraged by geographic and product opportunities available in the long-term, particularly in Philanthropy and Health &amp; Personal Injury. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

EQT Holdings (EQT) - O/W: Long-Term Opportunity

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<li>EQT Holdings held its AGM today and provided a 1Q23a trading update.</li>
<li>Positively, EQT’s underlying business is performing well due to solid execution on pipeline and onboarding of new clients.</li>
<li>However, parts of EQT’s broader business (CTS) have been negatively impacted by volatile global equity markets, whilst client mandate losses and the withdrawal of a large wholesale trustee client also culminated in 1Q23a. </li>
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<p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>





EQT Holdings held its AGM today and provided a 1Q23a trading update.
Positively, EQT’s underlying business is performing well due to solid execution on pipeline and onboarding of new clients.
However, parts of EQT’s broader business (CTS) have been negatively impacted by volatile global equity markets, whilst client mandate losses and the withdrawal of a large wholesale trustee client also culminated in 1Q23a. 




Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

EQT Holdings (EQT) - O/W: Acquisition on Track

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>Dye &amp; Durham/DND is a persistent bidder and returned with a A$1.27 billion bid for <a href="https://www.smartkarma.com/entities/link-administration-holdings-ltd" target="_blank" data-smartkarma-citation="entities:970:1" rel="noopener">Link Administration (LNK AU)</a>’s CM and BCM businesses. The Board will update next week. </li>
<li>The latest offer is attractive but curiously, contradicts DND’s previous comments that the FCA would make it challenging to distribute any part sale proceeds.</li>
<li>Despite the overhang from the FCA fine, DND’s ongoing persistence and the Board’s potential in-specie distribution of the <a href="https://www.smartkarma.com/entities/pexa-group-ltd" target="_blank" data-smartkarma-citation="entities:34716:1" rel="noopener">PEXA Group (PXA AU)</a> stake highlight the underlying value.</li>
</ul>


Dye &amp; Durham/DND is a persistent bidder and returned with a A$1.27 billion bid for Link Administration (LNK AU)’s CM and BCM businesses. The Board will update next week. 
The latest offer is attractive but curiously, contradicts DND’s previous comments that the FCA would make it challenging to distribute any part sale proceeds.
Despite the overhang from the FCA fine, DND’s ongoing persistence and the Board’s potential in-specie distribution of the PEXA Group (PXA AU) stake highlight the underlying value.


Link’s Ongoing Overtures from DND Underscore Its Value

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<li>Dye &amp; Durham/DND has proposed a revised <a href="https://www.smartkarma.com/entities/link-administration-holdings-ltd" target="_blank" data-smartkarma-citation="entities:970:1" rel="noopener">Link Administration (LNK AU)</a> offer to address any FCA redress payments. Around A$1.00 per share will hang on the outcome of the FCA investigation.</li>
<li>The Link Board has said it cannot recommend the revised proposal based on value, structure and alternatives available to Link. We agree with the Board’s view.</li>
<li>The scheme is all but dead. The shares are now a back-end play and remain attractive for value investors.</li>
</ul>


Dye &amp; Durham/DND has proposed a revised Link Administration (LNK AU) offer to address any FCA redress payments. Around A$1.00 per share will hang on the outcome of the FCA investigation.
The Link Board has said it cannot recommend the revised proposal based on value, structure and alternatives available to Link. We agree with the Board’s view.
The scheme is all but dead. The shares are now a back-end play and remain attractive for value investors.


Link’s On Again-Off Again Scheme Is All but Off

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<li>FCA approval, a condition precedent, will be granted subject to a condition that <a href="https://www.smartkarma.com/entities/link-administration-holdings-ltd" target="_blank" data-smartkarma-citation="entities:970:1" rel="noopener">Link Administration (LNK AU)</a> makes funds available to cover any redress payments related to the Woodford matters.</li>
<li>The FCA’s maximum redress payment is £306 million. The timeline and amount of the final FCA fine remain unknown. Dye&amp;Durham/DND and Link will struggle to find a resolution.</li>
<li>With a 30 September end date, the deal is teetering on collapse. The share price may prove attractive for long-term value investors as it reflects a sizeable FCA fine.</li>
</ul>


FCA approval, a condition precedent, will be granted subject to a condition that Link Administration (LNK AU) makes funds available to cover any redress payments related to the Woodford matters.
The FCA’s maximum redress payment is £306 million. The timeline and amount of the final FCA fine remain unknown. Dye&amp;Durham/DND and Link will struggle to find a resolution.
With a 30 September end date, the deal is teetering on collapse. The share price may prove attractive for long-term value investors as it reflects a sizeable FCA fine.


Link’s Scheme on Life Support as the FCA Lands a Heavy Blow

Australia

Equity Holdings Limited provides personal trust and financial services to customers in Australia.   Services include will and estate planning, trustee for settlements, financial guardian, investment and property management and fund investments. Other services provided by the company  include income tax services, short term share trading and mortgage loans and investments.

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EQT Holdings (EQT AU)

EQT Holdings (EQT) - O/W: Long-Term Opportunity

EQT Holdings received Ministerial Approval for the acquisition of Australian Executor Trustees (AET) yesterday. We take this opportunity to...

Wilsons Advisory

EQT Holdings (EQT) - O/W: Acquisition on Track

EQT Holdings held its AGM today and provided a 1Q23a trading update. Positively, EQT’s underlying business is performing well due to solid...

Wilsons Advisory

Link’s Ongoing Overtures from DND Underscore Its Value

DND’s latest offer and the Board’s perusal of the in-specie distribution of the PEXA stake were the catalysts required to highlight the underlying...

Arun George

Link’s On Again-Off Again Scheme Is All but Off

The scheme is all but dead. The Link Board will not recommend the revised proposal. The shares are now a back-end play and remain attractive for...

Arun George

Link’s Scheme on Life Support as the FCA Lands a Heavy Blow

With a 30 September end date, the deal is teetering on collapse. The share price may prove attractive for long-term value investors as it reflects...

Arun George

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