European Event-Driven Analyst

Jesus Rodriguez Aguilar

Event-Driven

Permanent Tsb Group Holdings P / Event-Driven

<ul>
<li>BAWAG’s €2.97 cash offer remains the only firm bid. Axis’s indicative €3.20 proposal offers 6.0% upside from €3.02 but lacks committed financing.</li>
<li>The 27 October High Court hearing could disrupt the scheme. BAWAG retains alternative implementation options, supported by the Irish government’s 57.5% stake.</li>
<li>Our €2.98 probability-weighted target offers no upside at current levels. Standalone value of €2.53 implies 16.2% downside if the acquisition fails.</li>
</ul>


BAWAG’s €2.97 cash offer remains the only firm bid. Axis’s indicative €3.20 proposal offers 6.0% upside from €3.02 but lacks committed financing.
The 27 October High Court hearing could disrupt the scheme. BAWAG retains alternative implementation options, supported by the Irish government’s 57.5% stake.
Our €2.98 probability-weighted target offers no upside at current levels. Standalone value of €2.53 implies 16.2% downside if the acquisition fails.


Permanent TSB: €3.20 Is Not Yet an Offer

Bespoke Research on China and neighbouring regions, Bixmoor

Bixmoor

Bespoke Research on China and neighbouring regions

Bixmoor specialises in providing bespoke research to business, governments and the financial community on China and neighbouring regions. We seek to build long-term relationships with our clients, based on our expertise, our reliability and our determination to find the right solution.

Thematic (Sector/Industry)

<p>High debt burdens are not just a developing world phenomenon. The growth of Quantitative Easing programs has resulted in significantly increased debt in many countries, including a good number in the European Union, whose debt levels are masked by accounting procedures.</p>

High debt burdens are not just a developing world phenomenon. The growth of Quantitative Easing programs has resulted in significantly increased debt in many countries, including a good number in the European Union, whose debt levels are masked by accounting procedures.

The Potential for National Financial Default

Ireland

Permanent TSB Group Holdings Public Limited Company provides retail financial services in the Irish domestic banking market. The Company offers banking and financial services to customers including current accounts, retail and corporate deposits, residential mortgages, credit cards, term loans, general insurance, pensions, investments, and life insurance.

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Permanent Tsb Group Holdings P (IL0A ID)

Permanent TSB: €3.20 Is Not Yet an Offer

PTSB trades above BAWAG’s €2.97 firm offer, while Axis’s €3.20 proposal remains unfinanced. With Court risk and 16% standalone downside, is the...

Jesus Rodriguez Aguilar

The Potential for National Financial Default

High debt burdens are not just a developing world phenomenon. The growth of Quantitative Easing programs has resulted in significantly increased...

Bixmoor

Price Gauge

52-week Range

Market Cap (USDm)

P/E

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