European Event-Driven Analyst

Jesus Rodriguez Aguilar

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/keysight-technologies-in" target="_blank" data-smartkarma-citation="entities:1679:1" rel="noopener">Keysight Technologies In (KEYS US)</a> and <a href="https://www.smartkarma.com/entities/spirent-communications-plc" target="_blank" data-smartkarma-citation="entities:22160:1" rel="noopener">Spirent Communications (SPT LN)</a> have agreed a recommended 201.5p/share cash acquisition via Scheme of Arrangement, an increase of 26.5p (15.1%) relative to <a href="https://www.smartkarma.com/entities/viavi-solutions-inc" target="_blank" data-smartkarma-citation="entities:15310:1" rel="noopener">Viavi Solutions (VIAV US)</a>'s Offer.</li>
<li>Spirent, with some scarcity value, should be able to improve its cyclicality as part of Keysight. A counteroffer from Viavi looks unlikely unless Silver Lake significantly increases its stake.</li>
<li>Gross spread is 1.99%. Using Keysight's forecast s about completion, at best, estimated annual return would be 3.51% while at worst, 1.88%. This suggests there may be better opportunities elsewhere.</li>
</ul>



Keysight Technologies In (KEYS US) and Spirent Communications (SPT LN) have agreed a recommended 201.5p/share cash acquisition via Scheme of Arrangement, an increase of 26.5p (15.1%) relative to Viavi Solutions (VIAV US)'s Offer.
Spirent, with some scarcity value, should be able to improve its cyclicality as part of Keysight. A counteroffer from Viavi looks unlikely unless Silver Lake significantly increases its stake.
Gross spread is 1.99%. Using Keysight's forecast s about completion, at best, estimated annual return would be 3.51% while at worst, 1.88%. This suggests there may be better opportunities elsewhere.


Keysight/Spirent: Recommended Competing Offer

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

Equity Bottom-Up

Keysight Technologies In / Equity Bottom-Up

<ul><li>Keysight Technologies has announced its first quarter earnings for the fiscal year of 2024.</li><li>The company outperformed predictions, recording revenue of $1.3 billion in addition to earnings per share of $1.63.</li><li>This demonstrates the strength of the Keysight team in overcoming market challenges.</li></ul>

Keysight Technologies has announced its first quarter earnings for the fiscal year of 2024.The company outperformed predictions, recording revenue of $1.3 billion in addition to earnings per share of $1.63.This demonstrates the strength of the Keysight team in overcoming market challenges.

Keysight Technologies: Is The Strength In Aerospace & Defense Market Expected To Continue? - Major Drivers

<ul><li>This is our first report on Keysight Technologies, one of the major electronic design and test solutions providers in the world.</li><li>Keysight demonstrated strong financial performance, with third-quarter revenue meeting expectations, while earnings per share set a new high by surpassing the guidance range.</li><li>Keysight Technologies is also set to introduce a novel solution for controlling and calibrating phased array antennas.</li></ul>

This is our first report on Keysight Technologies, one of the major electronic design and test solutions providers in the world.Keysight demonstrated strong financial performance, with third-quarter revenue meeting expectations, while earnings per share set a new high by surpassing the guidance range.Keysight Technologies is also set to introduce a novel solution for controlling and calibrating phased array antennas.

Keysight Technologies Inc.: Initiation of Coverage - Business Strategy

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

Market conditions have started to improve, and the bottom line is that all Sectors and major indexes remain above critical supports. The absence of breakdowns continues to support our overall constructive outlook, and we are watching the 10-year Treasury yield, small-caps (IWM), Financials (XLF), and Industrials (XLI) closely for signs that a new broad-based rally is upon us.

Market conditions have started to improve, and the bottom line is that all Sectors and major indexes remain above critical supports. The absence of breakdowns continues to support our overall constructive outlook, and we are watching the 10-year Treasury yield, small-caps (IWM), Financials (XLF), and Industrials (XLI) closely for signs that a new broad-based rally is upon us.

U.S. Equity Strategy: Conditions Improving; Watching Cyclicals, 10-Yr Yield. Buying Casinos, Semis

Senior Technology Analyst, Japanese Equities, LightStream Research

Scott Foster

Senior Technology Analyst, Japanese Equities

Long-Short Analysis on Japan, Asia and the World

LightStream Research

LightStream conducts quantitatively rigorous and data-driven analysis with a focus on Japan and Asia.

We consistently cover the Tech, Consumer and Industrial sectors, and provide ECM and Events coverage more broadly.

We supplement traditional qualitative insights from company relationships with a robust quantitative foundation that examines as much historical data as is available.
We further refine the accuracy of our insights and calls through the use of alternative data to flesh out current trends, and through a valuation framework that emphasises non-superficial peer group selection and a proper attempt to understand the metrics and changes that have driven security valuations in the past.

Down nearly 30% since January 28, the shares are now selling at 17x management's EPS guidance for FY Mar-21 and 13x our EPS estimate for FY Mar-24, when management expects 5G-related sales and profits to peak.Premature concern over the next cyclical downturn appears to have been discounted. Delays to 5G roll-outs caused by the pandemic should also be in the price.Over the coming three years, sales should rise by more than 20% and operating profit by more than 30%, driven by 5G and growing economies of scale in the company's other businesses.Buy back in for the long term.

Down nearly 30% since January 28, the shares are now selling at 17x management's EPS guidance for FY Mar-21 and 13x our EPS estimate for FY Mar-24, when management expects 5G-related sales and profits to peak.Premature concern over the next cyclical downturn appears to have been discounted. Delays to 5G roll-outs caused by the pandemic should also be in the price.Over the coming three years, sales should rise by more than 20% and operating profit by more than 30%, driven by 5G and growing economies of scale in the company's other businesses.Buy back in for the long term.

Anritsu (6754 JP): 5G Business to Expand Until FY Mar-24

United States

Keysight Technologies, Inc. offers electronic measurement services using wireless, modular, and software solutions.

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Keysight Technologies In (KEYS US)

Keysight/Spirent: Recommended Competing Offer

Keysight to acquire Spirent for 201.5p/share. Viavi unlikely to counteroffer unless Silver Lake increases stake. Gross spread is 1.99%, estimated...

Jesus Rodriguez Aguilar

Keysight Technologies: Is The Strength In Aerospace & Defense Market Expected To Continue? - Major Drivers

Keysight Technologies has announced its first quarter earnings for the fiscal year of 2024. The company outperformed predictions, recording...

Baptista Research

Keysight Technologies Inc.: Initiation of Coverage - Business Strategy

This is our first report on Keysight Technologies, one of the major electronic design and test solutions providers in the world. Keysight...

Baptista Research

U.S. Equity Strategy: Conditions Improving; Watching Cyclicals, 10-Yr Yield. Buying Casinos, Semis

We are watching the 10-year Treasury yield, small-caps (IWM), Financials (XLF), and Industrials (XLI) closely for signs that a new broad-based...

Vermilion Research

Anritsu (6754 JP): 5G Business to Expand Until FY Mar-24

The shares have dropped 30% since the beginning of the year, discounting premature concern over 5G cycle, which should continue until FY Mar-24....

Scott Foster

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Keysight/Spirent: Recommended Competing Offer

​Keysight to acquire Spirent for 201.5p/share. Viavi unlikely to counteroffer unless Silver Lake increases stake. Gross spread is 1.99%, estimated...

Jesus Rodriguez Aguilar

Keysight Technologies: Is The Strength In Aerospace & Defense Market Expected To Continue? - Major Drivers

Keysight Technologies has announced its first quarter earnings for the fiscal year of 2024. The company outperformed predictions, recording...

Baptista Research

Keysight Technologies Inc.: Initiation of Coverage - Business Strategy

This is our first report on Keysight Technologies, one of the major electronic design and test solutions providers in the world. Keysight...

Baptista Research

U.S. Equity Strategy: Conditions Improving; Watching Cyclicals, 10-Yr Yield. Buying Casinos, Semis

We are watching the 10-year Treasury yield, small-caps (IWM), Financials (XLF), and Industrials (XLI) closely for signs that a new broad-based...

Vermilion Research

Anritsu (6754 JP): 5G Business to Expand Until FY Mar-24

The shares have dropped 30% since the beginning of the year, discounting premature concern over 5G cycle, which should continue until FY Mar-24....

Scott Foster

Keysight to acquire Spirent for 201.5p/share. Viavi unlikely to counteroffer unless Silver Lake increases stake. Gross spread is 1.99%, estimated...