Index Rebalance and Special Situations, Quiddity Advisors

Afridi Reyal

Index Rebalance and Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Index Rebalance

<ul>
<li>The SE600 index is one of the most widely-followed benchmark indices in Europe. This index is rebalanced on a quarterly basis.</li>
<li>In this insight, we take a look at the potential index changes for the SE600 and EURSTX Indices for the March 2026 rebalance.</li>
<li>We expect about eight changes during the March 2026 review.</li>
</ul>


The SE600 index is one of the most widely-followed benchmark indices in Europe. This index is rebalanced on a quarterly basis.
In this insight, we take a look at the potential index changes for the SE600 and EURSTX Indices for the March 2026 rebalance.
We expect about eight changes during the March 2026 review.


Quiddity Leaderboard SE600 Mar26: CSG IPO Question; 8 ADDs/DELs As Things Stand

Director, Head of Research, Smartkarma

Pranav Rao

Director, Head of Research

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

Event-Driven

<ul>
<li>Welcome to Curator’s Cut — a fortnightly roundup of standout themes from the 1,200+ insights published on Smartkarma.</li>
<li>In this cut, we unveil the first wave of 2026 high conviction ideas, break down the risks and rewards of the Meesho IPO and track upcoming lock-up expiries.</li>
<li>Want to dig deeper? Comment or message with the themes you’d like to see highlighted next.</li>
</ul>


Welcome to Curator’s Cut — a fortnightly roundup of standout themes from the 1,200+ insights published on Smartkarma.
In this cut, we unveil the first wave of 2026 high conviction ideas, break down the risks and rewards of the Meesho IPO and track upcoming lock-up expiries.
Want to dig deeper? Comment or message with the themes you’d like to see highlighted next.


Curator's Cut: 2026's Top Picks, Unpacking Meesho's IPO & Navigating Lock-Ups

Financials & FinTech research, Galliano’s Financials Research

Victor Galliano

Financials & FinTech research

Financials & FinTech, EM & Developed Markets

Galliano’s Financials Research

Galliano's Financials Research provides fundamental research in Emerging Markets financials, including FinTech, as well as financials in select Developed Markets.

The investment style applied is generally value oriented, although Growth At Reasonable Price (GARP) strategies can also be used where appropriate. 

Our investment research approach aim is often contrarian, looking to capitalise on overly sceptical or optimistic consensus views. In terms of valuation techniques, the focus is on PBV ratio to ROE, PE multiples and dividend yield, as well as the application of PEG ratios and, where appropriate, Sum of the Parts (SOTP) valuations.

Equity Capital Markets

<ul>
<li>Klarna’s IPO issue price of USD40 implies a market capitalisation of USD15.1bn and, according to financial press reports, the IPO was twenty-five times over-subscribed</li>
<li>The Klarna IPO valuation metrics, versus its peers, still serves to highlight Affirm’s very stretched valuation and we stand by our Affirm sell rating</li>
<li>On the positive side, we highlight PayPal as also the best value play of the major BNPL participants; we also like PagSeguro and Nexi</li>
</ul>


Klarna’s IPO issue price of USD40 implies a market capitalisation of USD15.1bn and, according to financial press reports, the IPO was twenty-five times over-subscribed
The Klarna IPO valuation metrics, versus its peers, still serves to highlight Affirm’s very stretched valuation and we stand by our Affirm sell rating
On the positive side, we highlight PayPal as also the best value play of the major BNPL participants; we also like PagSeguro and Nexi


Klarna IPO (KLAR US) – Premium Pricing Out of the Gate, Still a Threat to Affirm’s Current Valuation

<ul>
<li>Klarna shares are set to start NYSE trading on 10 September; the issue price range implies a market capitalisation of USD12.8bn to USD13.6bn; we believe that its valuation looks underwhelming</li>
<li>The Klarna IPO valuation versus its peers does, however, show Affirm’s very stretched valuation and we downgrade it to a sell; we upgrade Kakao Pay to a neutral from sell</li>
<li>We keep PagSeguro, PayPal and Nexi on the buy list for their value credentials; we believe that PayPal is also the best value of the major BNPL players</li>
</ul>


Klarna shares are set to start NYSE trading on 10 September; the issue price range implies a market capitalisation of USD12.8bn to USD13.6bn; we believe that its valuation looks underwhelming
The Klarna IPO valuation versus its peers does, however, show Affirm’s very stretched valuation and we downgrade it to a sell; we upgrade Kakao Pay to a neutral from sell
We keep PagSeguro, PayPal and Nexi on the buy list for their value credentials; we believe that PayPal is also the best value of the major BNPL players


Klarna IPO (KLAR US) - Underwhelming Valuations Against Key Comparables

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

<ul><li>Nexi S.p.A. reported its first quarter 2025 financial results, demonstrating a continued trajectory of profitable growth.</li><li>Revenues increased by 3.7% compared to the previous year, despite the adverse impact of a leap year and the shifting of the Easter holiday.</li><li>The growth was largely driven by the Merchant Solutions segment, which saw a 4.5% increase, underscoring the company's robust market position in the merchant acquiring landscape.</li></ul>

Nexi S.p.A. reported its first quarter 2025 financial results, demonstrating a continued trajectory of profitable growth.Revenues increased by 3.7% compared to the previous year, despite the adverse impact of a leap year and the shifting of the Easter holiday.The growth was largely driven by the Merchant Solutions segment, which saw a 4.5% increase, underscoring the company's robust market position in the merchant acquiring landscape.

Nexi SpA: Initiation of Coverage- Operational Synergies & DBS Strategy Realign Growth Trajectory!

Italy

Nexi is a European paytech company that offers digital payment services and infrastructure for banks, companies, institutions, and public administrations. It provides payment acceptance solutions, including credit, debit, and prepaid cards, along with services like payment and security, corporate banking, and POS solutions. The company is headquartered in Milan, Italy, and was founded in 1939.

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Nexi (NEXI IM)

Quiddity Leaderboard SE600 Mar26: CSG IPO Question; 8 ADDs/DELs As Things Stand

The upcoming March 2026 rebalance of the SE600 is expected to bring about eight changes with the possible inclusion of CSG.

Afridi Reyal

Curator's Cut: 2026's Top Picks, Unpacking Meesho's IPO & Navigating Lock-Ups

This Curator's Cut issue highlights 2026's high conviction ideas, analyzes Meesho IPO risks/rewards, and tracks upcoming lock-up expiries on...

Pranav Rao

Klarna IPO (KLAR US) – Premium Pricing Out of the Gate, Still a Threat to Affirm’s Current Valuation

Klarna's IPO price shows strong demand, while Affirm's valuation remains stretched and it looks exposed to a de-rating. We see PayPal, PagSeguro,...

Victor Galliano

Klarna IPO (KLAR US) - Underwhelming Valuations Against Key Comparables

Klarna is due to IPO, with its valuation underwhelming relative to peers; we downgrade Affirm to a sell due to very rich valuations, and we stick...

Victor Galliano

Nexi SpA: Initiation of Coverage- Operational Synergies & DBS Strategy Realign Growth Trajectory!

Nexi S.p.A. reported its first quarter 2025 financial results, demonstrating a continued trajectory of profitable growth. Revenues increased by...

Baptista Research

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Quiddity Leaderboard SE600 Mar26: CSG IPO Question; 8 ADDs/DELs As Things Stand

​The upcoming March 2026 rebalance of the SE600 is expected to bring about eight changes with the possible inclusion of CSG.

Afridi Reyal

Curator's Cut: 2026's Top Picks, Unpacking Meesho's IPO & Navigating Lock-Ups

This ​Curator's Cut issue highlights 2026's high conviction ideas, analyzes Meesho IPO risks/rewards, and tracks upcoming lock-up expiries on...

Pranav Rao

Klarna IPO (KLAR US) – Premium Pricing Out of the Gate, Still a Threat to Affirm’s Current Valuation

​Klarna's IPO price shows strong demand, while Affirm's valuation remains stretched and it looks exposed to a de-rating. We see PayPal, PagSeguro,...

Victor Galliano

Klarna IPO (KLAR US) - Underwhelming Valuations Against Key Comparables

​Klarna is due to IPO, with its valuation underwhelming relative to peers; we downgrade Affirm to a sell due to very rich valuations, and we stick...

Victor Galliano

Nexi SpA: Initiation of Coverage- Operational Synergies & DBS Strategy Realign Growth Trajectory!

Nexi S.p.A. reported its first quarter 2025 financial results, demonstrating a continued trajectory of profitable growth. Revenues increased by...

Baptista Research

The upcoming March 2026 rebalance of the SE600 is expected to bring about eight changes with the possible inclusion of CSG.

This Curator's Cut issue highlights 2026's high conviction ideas, analyzes Meesho IPO risks/rewards, and tracks upcoming lock-up expiries on...

Klarna's IPO price shows strong demand, while Affirm's valuation remains stretched and it looks exposed to a de-rating. We see PayPal, PagSeguro,...

Klarna is due to IPO, with its valuation underwhelming relative to peers; we downgrade Affirm to a sell due to very rich valuations, and we stick...