Equity Analyst (Index Flows & Special Situations), Quiddity Advisors

Janaghan Jeyakumar, CFA

Equity Analyst (Index Flows & Special Situations)

Quiddity Advisors

Pan-Asia Catalysts/Events

Event-Driven

<ul>
<li>The September 2022 index changes for DAX, MDAX, SDAX, and TecDAX were announced late last night.</li>
<li>There is one change for the DAX Index, four changes for the MDAX Index, seven changes for the SDAX Index, and two changes for the TecDAX Index.</li>
<li>In this insight, we take a closer look at our expectations for index flows and potential trading ideas.</li>
</ul>


The September 2022 index changes for DAX, MDAX, SDAX, and TecDAX were announced late last night.
There is one change for the DAX Index, four changes for the MDAX Index, seven changes for the SDAX Index, and two changes for the TecDAX Index.
In this insight, we take a closer look at our expectations for index flows and potential trading ideas.


DAX, MDAX, SDAX, TecDAX Sep 2022 Rebal: Large Impacts Only for Hella & Stabilius

<ul>
<li>DAX is a German blue-chip index that tracks the 40 largest companies listed on the Regulated Market of the Frankfurt Stock Exchange. </li>
<li>The DAX Index is reviewed on a quarterly basis in March, June, September, and December. </li>
<li>In this insight, we take a look at the potential constituency changes for the June 2022 review. This is a follow-up insight to <a href="https://www.smartkarma.com/insights/dax-index-quiddity-leaderboard-for-june-2022" target="_blank" data-smartkarma-citation="insights:68078" rel="noopener">DAX Index: Quiddity Leaderboard for June 2022</a> </li>
</ul>


DAX is a German blue-chip index that tracks the 40 largest companies listed on the Regulated Market of the Frankfurt Stock Exchange. 
The DAX Index is reviewed on a quarterly basis in March, June, September, and December. 
In this insight, we take a look at the potential constituency changes for the June 2022 review. This is a follow-up insight to DAX Index: Quiddity Leaderboard for June 2022 


DAX Index: Quiddity Leaderboard for June 2022 (2.0): Rheinmetall Looks Interesting

<ul>
<li>DAX is a German blue-chip index that tracks the 40 largest companies listed on the Regulated Market of the Frankfurt Stock Exchange. </li>
<li>The DAX Index is reviewed on a quarterly basis in March, June, September, and December. </li>
<li>In this insight, we take a look at the potential constituency changes that can happen in the June 2022 review.</li>
</ul>


DAX is a German blue-chip index that tracks the 40 largest companies listed on the Regulated Market of the Frankfurt Stock Exchange. 
The DAX Index is reviewed on a quarterly basis in March, June, September, and December. 
In this insight, we take a look at the potential constituency changes that can happen in the June 2022 review.


DAX Index: Quiddity Leaderboard for June 2022

<ul>
<li>DAX is a German blue-chip index that currently tracks the 40 largest companies listed on the Regulated Market of the Frankfurt Stock Exchange. </li>
<li>The DAX Index is reviewed on a quarterly basis in March, June, September, and December. </li>
<li>In this insight, we take a look at the potential constituency changes that can happen in the March 2022 review.</li>
</ul>


DAX is a German blue-chip index that currently tracks the 40 largest companies listed on the Regulated Market of the Frankfurt Stock Exchange. 
The DAX Index is reviewed on a quarterly basis in March, June, September, and December. 
In this insight, we take a look at the potential constituency changes that can happen in the March 2022 review.


DAX Index: Quiddity Leaderboard for March 2022 (2.0)

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

<div>
Back on 13th July this year, Australia-based ready-made meal delivery company <a href="https://www.smartkarma.com/entities/youfoodz-holdings-ltd" target="_blank" data-smartkarma-citation="entities:33759:1" rel="noopener">Youfoodz Holdings (YFZ AU)</a> entered into a Scheme Implementation Deed with multinational meal-kit delivery company <a href="https://www.smartkarma.com/entities/hellofresh-ag" target="_blank" data-smartkarma-citation="entities:26000:1" rel="noopener">HelloFresh AG (HFG GR)</a>. This was discussed in <a href="https://www.smartkarma.com/profiles/janaghan-jeyakumar-cfa" target="_blank" data-smartkarma-citation="accounts:3173" rel="noopener">Janaghan Jeyakumar, CFA</a>'s insight: <a href="https://skr.ma/FgACa" target="_blank" rel="noopener">Youfoodz (YFZ AU): HelloFresh's Lowball Takeover Offer Difficult to Block But Not UnBumbable</a>. 
The Offer Price of A$0.93/share was 38% lower than the IPO Price of A$1.50/share in December 2020. This was a friendly all-cash Deal. Or as Janaghan put it, a Rescue Offer. Shareholders <a href="https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02433229-3A577805?access_token=83ff96335c2d45a094df02a206a39ff4" target="_blank" rel="noopener">approved</a> the Offer at the Scheme Meeting on the 8 October. 
This brings us to online shopping rewards platform <a href="https://www.smartkarma.com/entities/cashrewards-ltd" target="_blank" data-smartkarma-citation="entities:34205:1" rel="noopener">Cashrewards (CRW AU)</a>, which has <a href="https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02439381-2A1332732?access_token=83ff96335c2d45a094df02a206a39ff4" target="_blank" rel="noopener">announced</a> it has entered into a Bid Implementation Deed with ANZ Bank’s innovation and investment arm 1835i Group.
The Offer price of A$1.135/share is a 19.5% premium to last close, but a 35% discount to its IPO price last December.
Nevertheless, the Offer has unanimous board support, and Andrew Clarke, Alium Capital &amp; M&amp;S Skyleisure, with 39.4%, will tender into the Offer, in the absence of a superior proposal. 1835i currently holds 19%.
This looks done. It may jog a competing Offer, but ANZ has an effective lock on the company.
</div>


Back on 13th July this year, Australia-based ready-made meal delivery company Youfoodz Holdings (YFZ AU) entered into a Scheme Implementation Deed with multinational meal-kit delivery company HelloFresh AG (HFG GR). This was discussed in Janaghan Jeyakumar, CFA's insight: Youfoodz (YFZ AU): HelloFresh's Lowball Takeover Offer Difficult to Block But Not UnBumbable. 
The Offer Price of A$0.93/share was 38% lower than the IPO Price of A$1.50/share in December 2020. This was a friendly all-cash Deal. Or as Janaghan put it, a Rescue Offer. Shareholders approved the Offer at the Scheme Meeting on the 8 October. 
This brings us to online shopping rewards platform Cashrewards (CRW AU), which has announced it has entered into a Bid Implementation Deed with ANZ Bank’s innovation and investment arm 1835i Group.
The Offer price of A$1.135/share is a 19.5% premium to last close, but a 35% discount to its IPO price last December.
Nevertheless, the Offer has unanimous board support, and Andrew Clarke, Alium Capital &amp; M&amp;S Skyleisure, with 39.4%, will tender into the Offer, in the absence of a superior proposal. 1835i currently holds 19%.
This looks done. It may jog a competing Offer, but ANZ has an effective lock on the company.


Cashrewards (CRW AU)'s Offer Is 34% Below Last December's IPO

Germany

HelloFresh SE provides online food services. The Company offers a subscription service in which customers receive a weekly box of recipes and meal ideas. HelloFresh also provides ice packs, plastic packaging, meat packing, insulation materials, and other related products. HelloFresh serves customers worldwide.

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HelloFresh (HFG GR)

DAX, MDAX, SDAX, TecDAX Sep 2022 Rebal: Large Impacts Only for Hella & Stabilius

Hella and Stabilus are likely to see large positive impacts but the other candidates generally have small impacts and small flow sizes.

Janaghan Jeyakumar, CFA

DAX Index: Quiddity Leaderboard for June 2022 (2.0): Rheinmetall Looks Interesting

A discussion on the Potential Adds and Deletes to the DAX Index in the upcoming index review in June 2022. Military technology company Rheinmetall...

Janaghan Jeyakumar, CFA

DAX Index: Quiddity Leaderboard for June 2022

A look at the potential constituency changes that can happen in the June 2022 review for the DAX Index. According to current data, Siemens Energy...

Janaghan Jeyakumar, CFA

DAX Index: Quiddity Leaderboard for March 2022 (2.0)

A look at the potential adds and potential deletes for the DAX index in the March 2022 review. Our estimates show there could be one or two changes.

Janaghan Jeyakumar, CFA

Cashrewards (CRW AU)'s Offer Is 34% Below Last December's IPO

You have major shareholders and founder support. 1835i has effective control over the company. Trading at a gross spread to terms of 3.2%....

David Blennerhassett

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