US-EU Index Rebalances / Quantitative Researcher, ORTEX

Dimitris Ioannidis

US-EU Index Rebalances / Quantitative Researcher

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.

Index Rebalance

<ul>
<li>Over the past six months, Class B of <a href="https://www.smartkarma.com/entities/schibsted-asa" target="_blank" data-smartkarma-citation="entities:22250:1" rel="noopener">Schibsted ASA</a> has significantly surpassed Class A in liquidity.</li>
<li>If Class B is recognized in the September 2025 review as the company’s most liquid share class, it has a high probability of being added to Europe Top 600.</li>
<li>Class A has a lower probability of inclusion due to its smaller security float cap which results in lower ranking.</li>
</ul>


Over the past six months, Class B of Schibsted ASA has significantly surpassed Class A in liquidity.
If Class B is recognized in the September 2025 review as the company’s most liquid share class, it has a high probability of being added to Europe Top 600.
Class A has a lower probability of inclusion due to its smaller security float cap which results in lower ranking.


Schibsted ASA (SCHA NO): EU Index Inclusion Based on Share Class Liquidity

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

iShares MSCI ACWI ETF / Technical Analysis

<ul>
<li>With the MSCI ACWI (ACWI-US) approaching the top-end of our expected 2023 trading range at $93, we see limited upside from here, and we believe caution is warranted.</li>
<li>We want to remain overweight Europe and the UK, but we prefer to buy only on pullbacks.</li>
<li>The Hang Seng and MSCI China (MCHI-US) are both getting rejected at their important resistances discussed last week, and we would expect to see a basing process develop below resistance.</li>
</ul>


With the MSCI ACWI (ACWI-US) approaching the top-end of our expected 2023 trading range at $93, we see limited upside from here, and we believe caution is warranted.
We want to remain overweight Europe and the UK, but we prefer to buy only on pullbacks.
The Hang Seng and MSCI China (MCHI-US) are both getting rejected at their important resistances discussed last week, and we would expect to see a basing process develop below resistance.


Caution Warranted; ACWI-US At $93 Resistance; Buys in Communications, Staples, Materials, Financials

<ul>
<li>
<a href="https://www.smartkarma.com/entities/verisure-holding-ab" target="_blank" data-smartkarma-citation="entities:43889:1" rel="noopener">Verisure Holding (VSURE SS)</a> is forecasted to be added at a market cap of ~$19bn following its IPO on 8 October.</li>
<li>
<a href="https://www.smartkarma.com/entities/metlen-energy-metals-plc" target="_blank" data-smartkarma-citation="entities:45704:1" rel="noopener">Metlen Energy &amp; Metals (MTLN LN)</a> is expected to be added at a market cap of ~$6bn due to a change of incorporation and primary listing from Greece to UK.</li>
<li>
<a href="https://www.smartkarma.com/entities/schibsted-asa" target="_blank" data-smartkarma-citation="entities:22250:1" rel="noopener">Vend Marketplaces ASA (VEND NO)</a> is projected to be added at a market cap of ~$6bn because of the unification of its share class structure.</li>
</ul>



Verisure Holding (VSURE SS) is forecasted to be added at a market cap of ~$19bn following its IPO on 8 October.

Metlen Energy &amp; Metals (MTLN LN) is expected to be added at a market cap of ~$6bn due to a change of incorporation and primary listing from Greece to UK.

Vend Marketplaces ASA (VEND NO) is projected to be added at a market cap of ~$6bn because of the unification of its share class structure.


STOXX Europe600 Dec25 Forecast: VSURE, VEND & MTLN Leading Top Additions

<ul>
<li>
<a href="https://www.smartkarma.com/entities/schibsted-asa" target="_blank" data-smartkarma-citation="entities:22250:1" rel="noopener">Schibsted/Vend Marketplaces (VENDB NO)</a> is the highest ranked non-constituent. However, its addition is uncertain due to share class liquidity.</li>
<li>The main forecasted additions are <a href="https://www.smartkarma.com/entities/zegona-communications-plc" target="_blank" data-smartkarma-citation="entities:25686:1" rel="noopener">Zegona Communications (ZEG LN)</a> and <a href="https://www.smartkarma.com/entities/nordex-se" target="_blank" data-smartkarma-citation="entities:21682:1" rel="noopener">Nordex SE (NDX1 GR)</a> following price rallies.</li>
<li>The main forecasted deletions are <a href="https://www.smartkarma.com/entities/verallia" target="_blank" data-smartkarma-citation="entities:36586:1" rel="noopener">Verallia (VRLA FP)</a> and <a href="https://www.smartkarma.com/entities/banca-popolare-di-sondrio-scar" target="_blank" data-smartkarma-citation="entities:21166:1" rel="noopener">Banca Popolare Di Sondrio Scar (BPSO IM)</a> following tender offers that significantly reduced their free float.</li>
</ul>



Schibsted/Vend Marketplaces (VENDB NO) is the highest ranked non-constituent. However, its addition is uncertain due to share class liquidity.
The main forecasted additions are Zegona Communications (ZEG LN) and Nordex SE (NDX1 GR) following price rallies.
The main forecasted deletions are Verallia (VRLA FP) and Banca Popolare Di Sondrio Scar (BPSO IM) following tender offers that significantly reduced their free float.


STOXX Europe600 Sep25 Forecast: ZEG, NDX1, FRA to Enter; VRLA, BPSO, EMBRACB to Exit

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sparebank-1-sr-bank-asa" target="_blank" data-smartkarma-citation="entities:22255:1" rel="noopener">SpareBank 1 Sr-Bank (SRBANK NO)</a> is the number one addition candidate following the merger with SpareBank 1 Sørøst-Norge which increased the security's float shares.</li>
<li>
<a href="https://www.smartkarma.com/entities/schibsted-asa" target="_blank" data-smartkarma-citation="entities:22250:1" rel="noopener">Schibsted ASA (SCHB NO)</a> - Class B - is estimated to have surpassed Class A in liquidity which deems it eligible for selection with a high conviction.  </li>
<li>
<a href="https://www.smartkarma.com/entities/carnival-plc" target="_blank" data-smartkarma-citation="entities:21869:1" rel="noopener">Carnival PLC (CCL LN)</a> is one of the top three addition candidates after experiencing a ~50% price rally over the last three months. </li>
</ul>



SpareBank 1 Sr-Bank (SRBANK NO) is the number one addition candidate following the merger with SpareBank 1 Sørøst-Norge which increased the security's float shares.

Schibsted ASA (SCHB NO) - Class B - is estimated to have surpassed Class A in liquidity which deems it eligible for selection with a high conviction.  

Carnival PLC (CCL LN) is one of the top three addition candidates after experiencing a ~50% price rally over the last three months. 


STOXX 600 EU December 2024 Forecast: A Schibsted Gamble, a SpareBank Surge, and a Carnival Party

Norway

Schibsted ASA, through its subsidiaries, owns and operates online classifieds services. The Company also owns and operates media houses with print and online positions. Schibsted operates in parts Europe and other international markets.

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

Schibsted ASA (SCHA NO)

Caution Warranted; ACWI-US At $93 Resistance; Buys in Communications, Staples, Materials, Financials

With the MSCI $ACWI approaching the top-end of our expected 2023 trading range at $93, we see limited upside from here and believe caution is...

Vermilion Research

STOXX Europe600 Dec25 Forecast: VSURE, VEND & MTLN Leading Top Additions

VSURE or MTLN may be added ahead of the review as a replacement following KKR’s cash acquisition of Spectris (SXS), which is expected to close on 3...

Dimitris Ioannidis

STOXX Europe600 Sep25 Forecast: ZEG, NDX1, FRA to Enter; VRLA, BPSO, EMBRACB to Exit

Uncertain inclusion: VENDB due to share class liquidity. High probability inclusions: ZEG and NDX1 following price rallies. High probability...

Dimitris Ioannidis

STOXX 600 EU December 2024 Forecast: A Schibsted Gamble, a SpareBank Surge, and a Carnival Party

The top addition candidates are SpareBank 1 Sr-Bank post-merger, Schibsted ASA Class B after surpassing Class A in liquidity, and Carnival PLC...

Dimitris Ioannidis

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)