Index Rebal Trades & Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal Trades & Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Index Rebalance

<ul>
<li>In this insight, we take a look at the names leading the race to become ADDs/DELETEs for the DAX, MDAX, and SDAX Indices in the December 2023 Rebalance.</li>
<li>Currently, I see two index changes for the MDAX index and two index changes for the SDAX index.</li>
<li>I do not see any changes for the DAX index in December 2023.</li>
</ul>


In this insight, we take a look at the names leading the race to become ADDs/DELETEs for the DAX, MDAX, and SDAX Indices in the December 2023 Rebalance.
Currently, I see two index changes for the MDAX index and two index changes for the SDAX index.
I do not see any changes for the DAX index in December 2023.


Quiddity Leaderboard-DAX Dec 23: Two Changes for MDAX and Two Changes for SDAX

European Event-Driven Analyst

Jesus Rodriguez Aguilar

Event-Driven

<ul>
<li>SPAC National World confirmed that it is at the early stages of exploring a possible offer for UK's largest local publisher <a href="https://www.smartkarma.com/entities/reach-plc" target="_blank" data-smartkarma-citation="entities:22183:1" rel="noopener">Reach (RCH LN)</a>, whose share price had dropped 64% YTD.</li>
<li>The approach comes when Reach seems to be turning a corner and digital is growing, more specifically data-led initiatives. The top ten shareholders own 61% of the share capital.</li>
<li>A good offer should be tabled to convince the suffering top ten shareholders (61% in aggregate). My TP is 163.4p (comparables/DCF). The shares are trading at 4.0x NTM P/E.</li>
</ul>


SPAC National World confirmed that it is at the early stages of exploring a possible offer for UK's largest local publisher Reach (RCH LN), whose share price had dropped 64% YTD.
The approach comes when Reach seems to be turning a corner and digital is growing, more specifically data-led initiatives. The top ten shareholders own 61% of the share capital.
A good offer should be tabled to convince the suffering top ten shareholders (61% in aggregate). My TP is 163.4p (comparables/DCF). The shares are trading at 4.0x NTM P/E.


United Kingdom

National World PLC operates in the United Kingdom.

Price Gauge
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National World (NWOR LN)

Quiddity Leaderboard-DAX Dec 23: Two Changes for MDAX and Two Changes for SDAX

The expected MDAX changes could have multiple days to trade while the flow expectations for the expected SDAX changes are fairly insignificant.

Janaghan Jeyakumar, CFA

National World/Reach: Possible Offer

SPAC National World confirmed that it is at the early stages of exploring a possible offer for UK's largest local publisher Reach, whose share...

Jesus Rodriguez Aguilar

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)