European Event-Driven Analyst

Jesus Rodriguez Aguilar

Event-Driven

<ul>
<li>The current offer from Apollo of 65p/share undervalues the company. RTN ex-Leisure can achieve huge upside merely by executing the business plan. The shares have consistently traded above 65p.</li>
<li>Activist investors are piling on the register and there is a strong possibility that shareholders push for an offer sweetening (c.75p). RTN is in play, another PE bidder could interlope. </li>
<li>The bid is below mid-2021 highs of around 140p. Although a 34% premium is optically good, a conservative SOTP valuation provides a fair value estimate of 78.7p/share (8.7x EV/24eEBITDA).</li>
</ul>


The current offer from Apollo of 65p/share undervalues the company. RTN ex-Leisure can achieve huge upside merely by executing the business plan. The shares have consistently traded above 65p.
Activist investors are piling on the register and there is a strong possibility that shareholders push for an offer sweetening (c.75p). RTN is in play, another PE bidder could interlope. 
The bid is below mid-2021 highs of around 140p. Although a 34% premium is optically good, a conservative SOTP valuation provides a fair value estimate of 78.7p/share (8.7x EV/24eEBITDA).


Index Rebal/Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal/Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Index Rebalance

<ul>
<li>In this insight, we take a look at the potential index changes for F100 and F250 in the run-up to the December 2023 Rebalance.</li>
<li>
<a href="https://www.smartkarma.com/entities/dechra-pharmaceuticals-plc" target="_blank" data-smartkarma-citation="entities:21908:1" rel="noopener">Dechra Pharmaceuticals (DPH LN)</a> and <a href="https://www.smartkarma.com/entities/network-international-holdings-plc" target="_blank" data-smartkarma-citation="entities:28918:1" rel="noopener">Network International Holdings (NETW LN)</a> are currently involved in takeover situations. When those deals close, intra-review changes can be triggered.</li>
<li>Including these changes, there could be up to one F100 change and seven F250 changes between now and the end of the year.</li>
</ul>


In this insight, we take a look at the potential index changes for F100 and F250 in the run-up to the December 2023 Rebalance.

Dechra Pharmaceuticals (DPH LN) and Network International Holdings (NETW LN) are currently involved in takeover situations. When those deals close, intra-review changes can be triggered.
Including these changes, there could be up to one F100 change and seven F250 changes between now and the end of the year.


Quiddity Leaderboard F100/​​​250 Dec 23: ~7 Changes Possible; LONG Playtech SHORT 888 Interesting

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

<ul>
<li>DPC Dash aims to raise around US$100m in its Hong Kong IPO. </li>
<li>The company is the exclusive master franchisee for Domino’s Pizza in China, HK and Macau. DPC operated 562 stores across 13 cities, as of Nov 2022.</li>
<li>In this note, we will talk about the positive aspects of the deal.</li>
</ul>


DPC Dash aims to raise around US$100m in its Hong Kong IPO. 
The company is the exclusive master franchisee for Domino’s Pizza in China, HK and Macau. DPC operated 562 stores across 13 cities, as of Nov 2022.
In this note, we will talk about the positive aspects of the deal.


DPC Dash Pre-IPO - The Positives - On a Rapid Expansion Spree

United Kingdom

Restaurant Group operates a diverse portfolio of restaurants and pub-restaurants across the United Kingdom. Its principal trading brands include the Asian fusion chain Wagamama, Mexican fast-casual outlet Barburrito, and pub operations under Brunning & Price, alongside concessions primarily in UK airports. The company was founded in 1987 and is headquartered in London.

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Restaurant Group (RTN LN)

In Play and Likely Worth More

Apollo's offer of 65p/share undervalues RTN ex-Leisure, which has potential for significant growth. Shareholders may push for a better offer as...

Jesus Rodriguez Aguilar

Quiddity Leaderboard F100/250 Dec 23: ~7 Changes Possible; LONG Playtech SHORT 888 Interesting

The top 7 F250 Potential ADDs currently have ~10 days of volume to buy and up to a couple of these names could be added on an intra-review basis...

Janaghan Jeyakumar, CFA

DPC Dash Pre-IPO - The Positives - On a Rapid Expansion Spree

DPC Dash, master franchisee for Domino's Pizza in China, aims to raise around US$100m in its Hong Kong IPO. In this note, we talk about the...

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

In Play and Likely Worth More

​Apollo's offer of 65p/share undervalues RTN ex-Leisure, which has potential for significant growth. Shareholders may push for a better offer as...

Jesus Rodriguez Aguilar

Quiddity Leaderboard F100/​​​250 Dec 23: ~7 Changes Possible; LONG Playtech SHORT 888 Interesting

The top 7 F250 Potential ADDs currently have ~10 days of volume to buy and up to a couple of these names could be added on an intra-review basis...

Janaghan Jeyakumar, CFA

DPC Dash Pre-IPO - The Positives - On a Rapid Expansion Spree

DPC Dash, master franchisee for Domino's Pizza in China, aims to raise around US$100m in its Hong Kong IPO. In this note, we talk about the...

Sumeet Singh

Apollo's offer of 65p/share undervalues RTN ex-Leisure, which has potential for significant growth. Shareholders may push for a better offer as...

Quiddity Leaderboard F100/250 Dec 23: ~7 Changes Possible; LONG Playtech SHORT 888 Interesting