European Event-Driven Analyst

Jesus Rodriguez Aguilar

Event-Driven

<ul>
<li>Rotork's shareholder vote is complete, removing one execution risk. The remaining 503p cash consideration offers a 3.6% spread at the 485.4p close.</li>
<li>Regulatory filings are under way in Germany and Austria, with no indication of substantive competition concerns. We move expected settlement from May to March 2027.</li>
<li>A March settlement implies c.7.1% annualised. We raise completion probability from 90% to 95%, giving a 497.4p expected value and 2.5% upside.</li>
</ul>


Rotork's shareholder vote is complete, removing one execution risk. The remaining 503p cash consideration offers a 3.6% spread at the 485.4p close.
Regulatory filings are under way in Germany and Austria, with no indication of substantive competition concerns. We move expected settlement from May to March 2027.
A March settlement implies c.7.1% annualised. We raise completion probability from 90% to 95%, giving a 497.4p expected value and 2.5% upside.


<ul>
<li>ABB's 506p offer values Rotork at 18.9x NTM EBITDA, but estimated £42m annual synergies reduce the effective acquisition multiple to approximately 15.8x, supporting the industrial rationale.</li>
<li>Rotork traded well below comparable automation companies before the approach. We estimate a standalone value of 390p/share, implying ABB pays a 30% premium to intrinsic value.</li>
<li>The remaining 4.3% spread appears attractive given unanimous Board support, committed financing and limited antitrust overlap, with international regulatory approvals representing the principal execution risk.</li>
</ul>


ABB's 506p offer values Rotork at 18.9x NTM EBITDA, but estimated £42m annual synergies reduce the effective acquisition multiple to approximately 15.8x, supporting the industrial rationale.
Rotork traded well below comparable automation companies before the approach. We estimate a standalone value of 390p/share, implying ABB pays a 30% premium to intrinsic value.
The remaining 4.3% spread appears attractive given unanimous Board support, committed financing and limited antitrust overlap, with international regulatory approvals representing the principal execution risk.


ABB/Rotork: A Full Price for an Undervalued Business

Index Rebalance and Special Situations, Quiddity Advisors

Afridi Reyal

Index Rebalance and Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Index Rebalance

<ul>
<li>In this insight, we look at the potential index changes for the F100 and F250 in the run-up to the December 2026 rebal.</li>
<li>We currently expect one F100 change and two F250 changes for the December 2026 rebal. An IPO drives the F100 change, while one F250 change depends on a market transfer.</li>
<li>We also expect one intra-review change for the F250 prior to the December 2026 rebal.</li>
</ul>


In this insight, we look at the potential index changes for the F100 and F250 in the run-up to the December 2026 rebal.
We currently expect one F100 change and two F250 changes for the December 2026 rebal. An IPO drives the F100 change, while one F250 change depends on a market transfer.
We also expect one intra-review change for the F250 prior to the December 2026 rebal.


Quiddity Leaderboard F100/F250 Dec26: Airtel Money IPO and Serica Transfer in Focus

<ul>
<li>In this insight, we look at the potential index changes for the F100 and F250 in the run-up to the December 2026 rebal. The Airtel Money IPO is a question.</li>
<li>Beazley is set to be deleted from the F100 at the close of 30th September 2026. We have discussed the intra-review implications for the F100 and F250.</li>
<li>Airtel Money isn't certain (more below). Currently we see no likely regular changes taking place for F100 or F250 but some names are close to the border. </li>
</ul>


In this insight, we look at the potential index changes for the F100 and F250 in the run-up to the December 2026 rebal. The Airtel Money IPO is a question.
Beazley is set to be deleted from the F100 at the close of 30th September 2026. We have discussed the intra-review implications for the F100 and F250.
Airtel Money isn't certain (more below). Currently we see no likely regular changes taking place for F100 or F250 but some names are close to the border. 


Quiddity Leaderboard F100/F250 Dec26: Beazley F100 DEL 30th Sep; Airtel Money IPO Question

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

<p>Our positive outlook on global equities (both the MSCI ACWI and ACWI ex-US) remains intact and we believe a “buy the dip” strategy is warranted. We recommend taking advantage of recent weakness -- where applicable -- by adding exposure to cyclical Sectors.<strong> </strong>Today’s recommendations focus on autos, auto parts, and machinery which span the Consumer Discretionary and Manufacturing Sectors. </p>

Our positive outlook on global equities (both the MSCI ACWI and ACWI ex-US) remains intact and we believe a “buy the dip” strategy is warranted. We recommend taking advantage of recent weakness -- where applicable -- by adding exposure to cyclical Sectors. Today’s recommendations focus on autos, auto parts, and machinery which span the Consumer Discretionary and Manufacturing Sectors. 

Global Equity Strategy: Overweight Cyclicals

United Kingdom

Rotork plc is a British multinational engineering company that designs, manufactures, and services industrial flow control equipment. Its key offerings include electric, fluid power, and process control actuators, along with gearboxes and valve accessories, serving industries such as oil and gas, water and wastewater, power generation, chemical processing, and industrial applications. The company is headquartered in Bath, UK, and was founded in 1957.

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Rotork (ROR LN)

ABB/Rotork: Turning the Spread

Rotork is still trading around where it was in July, but the deal has moved on. We revisit the spread after the shareholder vote and the first...

Jesus Rodriguez Aguilar

ABB/Rotork: A Full Price for an Undervalued Business

ABB's 506p offer looks generous, but Rotork was undervalued before the approach. Our valuation and synergy analysis suggests ABB is paying a fair...

Jesus Rodriguez Aguilar

Quiddity Leaderboard F100/F250 Dec26: Airtel Money IPO and Serica Transfer in Focus

Airtel Money could become a strong name for the F100 inclusion in December 2026. We also see Serica Energy as an F250 ADD if it transfers to the...

Afridi Reyal

Quiddity Leaderboard F100/F250 Dec26: Beazley F100 DEL 30th Sep; Airtel Money IPO Question

F100 members Beazley and Schroders will be deleted from the index following their acquisitions by Zurich and Nuveen respectively. As a result, WPP...

Afridi Reyal

Global Equity Strategy: Overweight Cyclicals

Our positive outlook on global equities (both the MSCI ACWI and ACWI ex-US) remains intact and we believe a “buy the dip” strategy is warranted. We...

Vermilion Research

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