European Event-Driven Analyst

Jesus Rodriguez Aguilar

Event-Driven

<ul>
<li>Intertek is now effectively trading on the outcome of the EQT approach and strategic review, with the current price (~5000p) implying an 88.7% probability of a successful outcome.</li>
<li>The rejected £51.50 bid (11.4x NTM EBITDA) already reflects base-case break-up value (~£52 per share), with SOTP and peer valuation converging at the same level.</li>
<li>Upside depends on a higher offer (mid-50s), while downside remains material (~-24%); the trade has shifted from valuation to conviction on a higher bid.</li>
</ul>


Intertek is now effectively trading on the outcome of the EQT approach and strategic review, with the current price (~5000p) implying an 88.7% probability of a successful outcome.
The rejected £51.50 bid (11.4x NTM EBITDA) already reflects base-case break-up value (~£52 per share), with SOTP and peer valuation converging at the same level.
Upside depends on a higher offer (mid-50s), while downside remains material (~-24%); the trade has shifted from valuation to conviction on a higher bid.


Intertek: Bid Reflects Break-Up Value — Now a Higher Bid Trade

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>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

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

OmniVision Integrated Circuits Group / Technical Analysis

OmniVision Integrated Circuits Group (603501 CH)

<ul>
<li>Our outlook remains bullish on MSCI ACWI. Discussed in Jan9,2025 report how we viewed the pullback as a buying opportunity and were watching for $116-$117 support to hold on ACWI-US. </li>
<li>$116 support held perfectly, and now both ACWI-US and the S&amp;P 500 are coiling just below all-time highs, likely setting up for major breakouts. ACWI is now breaking out.</li>
<li>DXY and 10-Year Treasury yield are both topping, a crucial risk-on signal for global equities. More and more countries breaking out. Actionable Themes: Technology, Services, Communications, Industrials, Gold Miners, Financials</li>
</ul>


Our outlook remains bullish on MSCI ACWI. Discussed in Jan9,2025 report how we viewed the pullback as a buying opportunity and were watching for $116-$117 support to hold on ACWI-US. 
$116 support held perfectly, and now both ACWI-US and the S&amp;P 500 are coiling just below all-time highs, likely setting up for major breakouts. ACWI is now breaking out.
DXY and 10-Year Treasury yield are both topping, a crucial risk-on signal for global equities. More and more countries breaking out. Actionable Themes: Technology, Services, Communications, Industrials, Gold Miners, Financials


More Countries Breaking Out; Bullish Outlook Intact; Buys in China, Europe, More; DXY & Yields Top

EURO STOXX 50 Price EUR / Technical Analysis

<ul>
<li>We continue to view the latest pullback as healthy and normal within the ongoing bull market on MSCI ACWI (ACWI-US) and the EURO STOXX 50, as discussed April 18</li>
<li>Discussed last Thursday(4/18/24) how further downside may be limited with these indexes 4-5% off their highs, combined with ACWI-US testing gap support ($105) and the EURO STOXX50 testing 6-month uptrend. </li>
<li>So far, these supports have held strong, and Japan's TOPIX has also held strong above 2615 support -- with all producing strong bounces far this week.</li>
</ul>


We continue to view the latest pullback as healthy and normal within the ongoing bull market on MSCI ACWI (ACWI-US) and the EURO STOXX 50, as discussed April 18
Discussed last Thursday(4/18/24) how further downside may be limited with these indexes 4-5% off their highs, combined with ACWI-US testing gap support ($105) and the EURO STOXX50 testing 6-month uptrend. 
So far, these supports have held strong, and Japan's TOPIX has also held strong above 2615 support -- with all producing strong bounces far this week.


Upgrading Europe to Overweight; Supports Holding on MSCI ACWI, ACWI Ex-US, EAFE, and EM

United Kingdom

Intertek is a British multinational assurance, inspection, product testing, and certification company. It provides comprehensive quality assurance solutions across various industries, including consumer goods, chemicals, energy, food, healthcare, and transportation, through its global network of laboratories and offices. Intertek was founded in 1885 and is headquartered in London, England.

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Intertek (ITRK LN)

Intertek: Bid Reflects Break-Up Value — Now a Higher Bid Trade

Intertek is in play, but at current levels much of the upside may already be priced in. With the stock near recent highs, the setup looks less...

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 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

More Countries Breaking Out; Bullish Outlook Intact; Buys in China, Europe, More; DXY & Yields Top

More Countries Breaking Out; Bullish Outlook Intact $ACWI $EAFE $EEM. More buys in China; Germany continues to lead Europe higher. Will...

Vermilion Research

Upgrading Europe to Overweight; Supports Holding on MSCI ACWI, ACWI Ex-US, EAFE, and EM

Upgrading Europe to Overweight EURO $STOXX 50 $FEZ; Supports Holding on MSCI $ACWI, $ACWX, $EFA, and $EEM. Latest 4-6% pullback remains healthy...

Vermilion Research

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