European Event-Driven Analyst

Jesus Rodriguez Aguilar

Event-Driven

<ul>
<li>Epiris has agreed a recommended 1,120p cash offer for Gamma, implying £1.079bn EV and 7.4x NTM EBITDA, with completion expected in H1 2027.</li>
<li>Gamma closed at 1,156p, 3.2% above Epiris's terms. Waterland has until 18 September to bid or withdraw, with Giacom acting in concert.</li>
<li>We estimate 1,170p expected value, just 1.2% upside. A 1,200–1,250p counterbid is credible on valuation, but we would hold rather than add.</li>
</ul>


Epiris has agreed a recommended 1,120p cash offer for Gamma, implying £1.079bn EV and 7.4x NTM EBITDA, with completion expected in H1 2027.
Gamma closed at 1,156p, 3.2% above Epiris's terms. Waterland has until 18 September to bid or withdraw, with Giacom acting in concert.
We estimate 1,170p expected value, just 1.2% upside. A 1,200–1,250p counterbid is credible on valuation, but we would hold rather than add.


Gamma Communications: 1,156p Vs 1,120p — How Much Is a Counterbid Worth?

<ul>
<li>Gamma now trades as a live UK situation after Providence entered formal discussions, with the 10 June PUSU deadline creating a defined catalyst window for merger-arbitrage investors.</li>
<li>At 926p, Gamma trades on only 6.0x NTM EBITDA despite &gt;50% gross margins, recurring UCaaS revenues, minimal leverage and growing European exposure following the STARFACE acquisition.</li>
<li>The market appears to price a credible sponsor-led process, but not a competitive auction. We struggle to see a recommended transaction clearing below a four-digit share price.</li>
</ul>


Gamma now trades as a live UK situation after Providence entered formal discussions, with the 10 June PUSU deadline creating a defined catalyst window for merger-arbitrage investors.
At 926p, Gamma trades on only 6.0x NTM EBITDA despite &gt;50% gross margins, recurring UCaaS revenues, minimal leverage and growing European exposure following the STARFACE acquisition.
The market appears to price a credible sponsor-led process, but not a competitive auction. We struggle to see a recommended transaction clearing below a four-digit share price.


Gamma Communications: Providence Puts 1000p+ Into Play

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

Leading International Investment Research, Edison Investment Research

Edison Investment Research

Leading International Investment Research

Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisors and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.

Equity Bottom-Up

<p>In our last note we urged investors to look past Gamma’s current challenges and focus instead on the high return, high cash-generative business model. Recent share price weakness, disrupted to some extent by the group’s move from AIM, suggests that the market has struggled with this. We therefore continue to see an opportunity for longer-term investors to back a management team that continues to deploy the group’s significant cash flow highly effectively.</p>

In our last note we urged investors to look past Gamma’s current challenges and focus instead on the high return, high cash-generative business model. Recent share price weakness, disrupted to some extent by the group’s move from AIM, suggests that the market has struggled with this. We therefore continue to see an opportunity for longer-term investors to back a management team that continues to deploy the group’s significant cash flow highly effectively.

Gamma Communications — FY25 returns highlight Gamma’s attraction

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

<p style="text-align: left;">Corrections across global ex-US markets continue to limit attractive investment opportunities from both a price and relative strength perspective.  We provide a recap and outlook for global equity markets and highlight individual opportunities across various markets within the Health Care, Communications and Transportation sectors.</p>

Corrections across global ex-US markets continue to limit attractive investment opportunities from both a price and relative strength perspective.  We provide a recap and outlook for global equity markets and highlight individual opportunities across various markets within the Health Care, Communications and Transportation sectors.

Global Strategy: Carnage Continuation Amid Turkey Turmoil and US Dollar Breakout

United Kingdom

Gamma Communications PLC is a UK-based telecommunications business specializing in Unified Communications as a Service (UCaaS), mobile, and connectivity services. It offers strategic services like collaboration, cloud PBX, SIP trunking, inbound call control, and network services, alongside enabling services such as ethernet, broadband, and mobile for businesses. The company was founded in 2001 and is headquartered in Newbury, Berkshire, England.

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Gamma Communications (GAMA LN)

Gamma Communications: 1,156p Vs 1,120p — How Much Is a Counterbid Worth?

Gamma trades above Epiris’s recommended 1,120p offer with Waterland’s deadline still ahead. We assess what the current price implies and whether a...

Jesus Rodriguez Aguilar

Gamma Communications: Providence Puts 1000p+ Into Play

Gamma has already rerated sharply after Providence’s emergence, but at 6.0x NTM EBITDA the stock still screens below likely clearing levels for a...

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

Gamma Communications — FY25 returns highlight Gamma’s attraction

In our last note we urged investors to look past Gamma’s current challenges and focus instead on the high return, high cash-generative business...

Edison Investment Research

Global Strategy: Carnage Continuation Amid Turkey Turmoil and US Dollar Breakout

Corrections across global ex-US markets continue to limit attractive investment opportunities from both a price and relative strength perspective. ...

Vermilion Research

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