European Event-Driven Analyst

Jesus Rodriguez Aguilar

Event-Driven

<ul>
<li>Since mid-January, share-price spreads have generally widened across European liquid universe of ordinary and preferred shares (11 have widened, 3 tightened, 4 at same level).</li>
<li>Telecom Italia savers sharply reduced their premium to ords to 12% (vs. 18.5%); Handelsbanken B shares trade at 39.9% premium to A shares.</li>
<li>Recommended trades long preferred / short ordinary shares: Atlas Copco, Grifols SA, Media-for-Europe. Recommended trades long ordinary / short preferred shares: Henkel, SSAB Svenska Stal, Telecom Italia.</li>
</ul>


Since mid-January, share-price spreads have generally widened across European liquid universe of ordinary and preferred shares (11 have widened, 3 tightened, 4 at same level).
Telecom Italia savers sharply reduced their premium to ords to 12% (vs. 18.5%); Handelsbanken B shares trade at 39.9% premium to A shares.
Recommended trades long preferred / short ordinary shares: Atlas Copco, Grifols SA, Media-for-Europe. Recommended trades long ordinary / short preferred shares: Henkel, SSAB Svenska Stal, Telecom Italia.


Liquid Universe of European Ordinary and Preferred Shares: February'25 Report

US IPOs and Secondary Offerings, IPO Boutique

IPO Boutique

US IPOs and Secondary Offerings

For more than 20 years, we have been providing research, analysis, commentary and ratings on US Equity Capital Markets to institutional investors (US IPOs and Secondary Offerings). Our vast network of contacts across the Equity Capital Markets and attention-to-detail sets us apart from our competitors.

Since 2012, we have achieved a successful hit rating on 89% of Buy-rated IPOs. The collective “Buy” ratings averaged a first trade of 16.3% above issue.Our Neutral Rated Deals averaged just 2% above the issue price at first trade.

Our written research includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

In addition, we provide a high-touch premium desk access which includes analyst access, as well as real time insights on US IPOs as well as secondary offerings.

IPOs and Secondary Offerings

Equity Capital Markets

<ul>
<li>Biotechnology company developing next-generation injectable and oral nutrient stimulated hormone, or NuSH, analog peptides to treat obesity, overweight and related conditions filed for Q1 IPO</li>
<li>Preliminary Phase 2 results in January suggested a durable pharmacodynamic, or PD, effect consistent with the observed half-life.</li>
<li>ARCH Ventures along with Fidelity are among the existing shareholders as this company enters begins its road to be a publicly traded company</li>
</ul>


Biotechnology company developing next-generation injectable and oral nutrient stimulated hormone, or NuSH, analog peptides to treat obesity, overweight and related conditions filed for Q1 IPO
Preliminary Phase 2 results in January suggested a durable pharmacodynamic, or PD, effect consistent with the observed half-life.
ARCH Ventures along with Fidelity are among the existing shareholders as this company enters begins its road to be a publicly traded company


Metsera, Inc. (MTSR): Peeking at the Prospectus for the Next Obesity and Metabolic Diseases Biotech

<ul>
<li>Since mid-December, share-price spreads have generally tightened across European liquid universe of ordinary and preferred shares (8 have widened, 11 tightened) with few changes in the trends.</li>
<li>Telecom Italia savers are trading at 18.5% premium to ords; Handelsbanken B at 32.4% premium to A. The discount of Grifols B has tightened, some await a comeback from Brookfield. </li>
<li>Recommended trades long preferred / short ordinary shares: Atlas Copco, Grifols SA, Media-for-Europe. Recommended trades long ordinary / short preferred shares: Henkel, Roche, SSAB Svenska Stal, Telecom Italia.</li>
</ul>


Since mid-December, share-price spreads have generally tightened across European liquid universe of ordinary and preferred shares (8 have widened, 11 tightened) with few changes in the trends.
Telecom Italia savers are trading at 18.5% premium to ords; Handelsbanken B at 32.4% premium to A. The discount of Grifols B has tightened, some await a comeback from Brookfield. 
Recommended trades long preferred / short ordinary shares: Atlas Copco, Grifols SA, Media-for-Europe. Recommended trades long ordinary / short preferred shares: Henkel, Roche, SSAB Svenska Stal, Telecom Italia.


Liquid Universe of European Ordinary and Preferred Shares: January'25 Report

<ul>
<li>Since mid-November, share-price spreads have generally widened across European liquid universe of ordinary and preferred shares (10 have widened, 8 tightened, 1 unchanged) with few changes in the trends.</li>
<li>The most notorious reversal has been Telecom Italia. Recommended trades long preferred / short ordinary shares: Atlas Copco, Grifols SA, Media-for-Europe.</li>
<li>Recommended trades long ordinary / short preferred shares: Carlsberg, Henkel, SSAB Svenska Stal, Telecom Italia.</li>
</ul>


Since mid-November, share-price spreads have generally widened across European liquid universe of ordinary and preferred shares (10 have widened, 8 tightened, 1 unchanged) with few changes in the trends.
The most notorious reversal has been Telecom Italia. Recommended trades long preferred / short ordinary shares: Atlas Copco, Grifols SA, Media-for-Europe.
Recommended trades long ordinary / short preferred shares: Carlsberg, Henkel, SSAB Svenska Stal, Telecom Italia.


Liquid Universe of European Ordinary and Preferred Shares: December‘24 Report

Equity Long-Short Analyst

Pyari Menon

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/twist-bioscience-corp" target="_blank" data-smartkarma-citation="entities:37112:1" rel="noopener">Twist Bioscience (TWST US)</a> fosters a new biotech paradigm by empowering startups and researchers with scalable tools, accelerating innovation and transforming biotech into a more agile, tech-style founder-driven industry.</li>
<li>DNA synthesis should see strong growth (15-25% CAGR estimates) driven by synthetic biology revolutionizing healthcare, agriculture, and industry with precise, scalable solutions for gene editing and bioengineering.</li>
<li>Lack of profitability and notable short-seller interest are concerns, but its innovative platform, high innovation score and transformative potential makes a somewhat risky but very good investment case</li>
</ul>



Twist Bioscience (TWST US) fosters a new biotech paradigm by empowering startups and researchers with scalable tools, accelerating innovation and transforming biotech into a more agile, tech-style founder-driven industry.
DNA synthesis should see strong growth (15-25% CAGR estimates) driven by synthetic biology revolutionizing healthcare, agriculture, and industry with precise, scalable solutions for gene editing and bioengineering.
Lack of profitability and notable short-seller interest are concerns, but its innovative platform, high innovation score and transformative potential makes a somewhat risky but very good investment case


United States

Roche Holding AG develops and manufactures pharmaceutical and diagnostic products. The Company produces prescription drugs in the areas of cardiovascular, infectious, autoimmune, respiratory diseases, dermatology, metabolic disorders, oncology, transplantation, and the central nervous system. Roche Holding serves customers worldwide.

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Roche Holding (ROG SW)

Liquid Universe of European Ordinary and Preferred Shares: February'25 Report

Since mid-January, share-price spreads have generally widened across European liquid universe of ordinary and preferred shares (11 have widened, 3...

Jesus Rodriguez Aguilar

Metsera, Inc. (MTSR): Peeking at the Prospectus for the Next Obesity and Metabolic Diseases Biotech

Biotech company developing NuSH peptides for obesity files for Q1 IPO with promising Phase 2 results and support from ARCH Ventures and Fidelity.

IPO Boutique

Liquid Universe of European Ordinary and Preferred Shares: January'25 Report

Since mid-December, share-price spreads have generally tightened across European liquid universe of ordinary and preferred shares (8 have widened,...

Jesus Rodriguez Aguilar

Liquid Universe of European Ordinary and Preferred Shares: December‘24 Report

Since mid-November, share-price spreads have generally widened across European liquid universe of ordinary and preferred shares with few changes in...

Jesus Rodriguez Aguilar

DNA Synthesis with a Silicon Twist

Twist's fast, cheap DNA synthesis will power biotech start-ups, driving demand, fostering loyalty, enabling innovation, and securing new and...

Pyari Menon

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Liquid Universe of European Ordinary and Preferred Shares: February'25 Report

Since mid-January, share-price spreads have generally widened across European liquid universe of ordinary and preferred shares (11 have widened, 3...

Jesus Rodriguez Aguilar

Metsera, Inc. (MTSR): Peeking at the Prospectus for the Next Obesity and Metabolic Diseases Biotech

​Biotech company developing NuSH peptides for obesity files for Q1 IPO with promising Phase 2 results and support from ARCH Ventures and Fidelity.

IPO Boutique

Liquid Universe of European Ordinary and Preferred Shares: January'25 Report

Since mid-December, share-price spreads have generally tightened across European liquid universe of ordinary and preferred shares (8 have widened,...

Jesus Rodriguez Aguilar

Liquid Universe of European Ordinary and Preferred Shares: December‘24 Report

Since mid-November, share-price spreads have generally widened across European liquid universe of ordinary and preferred shares with few changes in...

Jesus Rodriguez Aguilar

DNA Synthesis with a Silicon Twist

Twist's fast, cheap DNA synthesis will power biotech start-ups, driving demand, fostering loyalty, enabling innovation, and securing new and...

Pyari Menon

Biotech company developing NuSH peptides for obesity files for Q1 IPO with promising Phase 2 results and support from ARCH Ventures and Fidelity.