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. It also acts as a universe for some highly tracked indices.</li>
<li>In this insight, we consider potential index changes that could take place in the December 2026 rebal, along with many M&amp;A deals that could trigger intra-review changes.</li>
<li>We discuss around seven intra-review index changes likely to take place on or before 4Q 2026 and three regular changes during the December 2026 rebal.</li>
</ul>


The SE600 index is one of the most widely followed benchmark indices in Europe. It also acts as a universe for some highly tracked indices.
In this insight, we consider potential index changes that could take place in the December 2026 rebal, along with many M&amp;A deals that could trigger intra-review changes.
We discuss around seven intra-review index changes likely to take place on or before 4Q 2026 and three regular changes during the December 2026 rebal.


Quiddity Leaderboard SE600 Dec26: Multiple Intra-Review Changes Likely

European Event-Driven Analyst

Jesus Rodriguez Aguilar

<ul>
<li>Técnicas Reunidas appears the leading candidate to re-enter the IBEX 35 on 11 June, supported by 62.4% free float, stronger liquidity and superior computable capitalisation versus Acciona Energía.</li>
<li>Our reconstruction places TRE at 0.27–0.28% of adjusted IBEX capitalisation, marginally below the 0.30% inclusion threshold, making the CAT decision finely balanced but actionable.</li>
<li>A TRE inclusion / ANE deletion could generate €100–195m of technical demand for TRE and equivalent selling pressure in ANE, creating a compelling index-arbitrage setup.</li>
</ul>


Técnicas Reunidas appears the leading candidate to re-enter the IBEX 35 on 11 June, supported by 62.4% free float, stronger liquidity and superior computable capitalisation versus Acciona Energía.
Our reconstruction places TRE at 0.27–0.28% of adjusted IBEX capitalisation, marginally below the 0.30% inclusion threshold, making the CAT decision finely balanced but actionable.
A TRE inclusion / ANE deletion could generate €100–195m of technical demand for TRE and equivalent selling pressure in ANE, creating a compelling index-arbitrage setup.


Tecnicas Reunidas: IBEX 35 Re-Entry in Sight?

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>Puig, a significant player in the premium beauty market, reported strong financial performance for the year ending December 31, 2024.</li>
<li>The company achieved record net revenues of EUR 4.8 billion, indicating a double digit reported growth of 11.3% and a 10.9% like-for-like increase, which outpaced the premium beauty market.</li>
<li>Gross margins improved to 74.9%, a reflection of the desirability and strength of Puig’s brand portfolio.</li>
</ul>


Puig, a significant player in the premium beauty market, reported strong financial performance for the year ending December 31, 2024.
The company achieved record net revenues of EUR 4.8 billion, indicating a double digit reported growth of 11.3% and a 10.9% like-for-like increase, which outpaced the premium beauty market.
Gross margins improved to 74.9%, a reflection of the desirability and strength of Puig’s brand portfolio.


Puig Brands: The Billion-Euro Fragrance Empire That’s Taking Over Skincare Too!

US-EU Index Rebalances / Quantitative Researcher

Dimitris Ioannidis

Global Financial Data and Analytics Platform

ORTEX

ORTEX is a global financial data and analytics platform providing real-time securities lending and short interest data, index rebalance data, holdings and insider transactions, trading signals, corporate actions and news,  stock machine learning and factor scores and other analytics. The majority of the data are downloadable and accessible through APIs.

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/puig-brands-sa" target="_blank" data-smartkarma-citation="entities:42395:1" rel="noopener">Puig Brands (PUIG SM)</a> will be added in SXXP and SXXE at the close of 20 September 2024. Forecasted demand is ~1.6m shares, ~$36m and ~2.7 ADV.</li>
<li>The security is at risk of failing the fcap threshold hence inclusion in November 2024 due to a recent price drop and a substantial portion of shares outstanding being unlisted.</li>
<li>The company closely exceeds the minimum public voting rights and its inclusion is expected in December 2024. Forecasted demand is ~4.5m shares, ~$101m and ~7.5 ADV.</li>
</ul>



Puig Brands (PUIG SM) will be added in SXXP and SXXE at the close of 20 September 2024. Forecasted demand is ~1.6m shares, ~$36m and ~2.7 ADV.
The security is at risk of failing the fcap threshold hence inclusion in November 2024 due to a recent price drop and a substantial portion of shares outstanding being unlisted.
The company closely exceeds the minimum public voting rights and its inclusion is expected in December 2024. Forecasted demand is ~4.5m shares, ~$101m and ~7.5 ADV.


Puig Brands (PUIG SM): 50/50 Global Index Inclusion for Largest Spanish IPO Since 2015

<ul>
<li>The Technical Advisory Committee (CAT) in an extraordinary meeting adds <a href="https://www.smartkarma.com/entities/puig-brands-sa" target="_blank" data-smartkarma-citation="entities:42395:1" rel="noopener">Puig Brands (PUIG SM)</a> to the IBEX 35 index and removes <a href="https://www.smartkarma.com/entities/melia-hotels-international-sa" target="_blank" data-smartkarma-citation="entities:21283:1" rel="noopener">Melia Hotels International Sa (MEL SM)</a>.</li>
<li>Although Puig Brands has only been publicly traded since 3 May, its market value exceeds €14.5 billion and its trading volume makes it deserving of a spot in the IBEX.</li>
<li>Puig Brands is expected to see at least a 50% increase in trading volume by July 22, potentially adding four to eight additional days of trading volume.</li>
</ul>


The Technical Advisory Committee (CAT) in an extraordinary meeting adds Puig Brands (PUIG SM) to the IBEX 35 index and removes Melia Hotels International Sa (MEL SM).
Although Puig Brands has only been publicly traded since 3 May, its market value exceeds €14.5 billion and its trading volume makes it deserving of a spot in the IBEX.
Puig Brands is expected to see at least a 50% increase in trading volume by July 22, potentially adding four to eight additional days of trading volume.


Spain

Puig Brands SA designs and manufactures luxury lifestyle products. The Company offers beauty, fragrance, and fashion products. Puig Brands serves customers worldwide.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Puig Brands (PUIG SM)

Quiddity Leaderboard SE600 Dec26: Multiple Intra-Review Changes Likely

SE600 members Beazley and Schroders will be deleted from the index after today's close. We expect Vontobel (VONN SW) and B&M European Value Retail...

Afridi Reyal

Tecnicas Reunidas: IBEX 35 Re-Entry in Sight?

A TRE inclusion / ANE deletion could generate €100–195m of technical demand for TRE and equivalent selling pressure in ANE, creating a compelling...

Jesus Rodriguez Aguilar

Puig Brands: The Billion-Euro Fragrance Empire That’s Taking Over Skincare Too!

Puig, a significant player in the premium beauty market, reported strong financial performance for the year ending December 31, 2024.

Baptista Research