Index Rebalance and Special Situations, Quiddity Advisors

Afridi Reyal

Index Rebalance and Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Index Rebalance

Sma Solar Technology Ag / Index Rebalance

<ul>
<li>In this insight, we look at the potential ADDs/DELs for the DAX and MDAX indices ahead of the September 2026 index rebal event.</li>
<li>Currently, we don't see any changes for DAX or MDAX. But small price swings could change our expectations for both indices.</li>
<li>MDAX member HugoBoss is expected to fall in the rankings (again) due to the takeover effort by Frasier.</li>
</ul>


In this insight, we look at the potential ADDs/DELs for the DAX and MDAX indices ahead of the September 2026 index rebal event.
Currently, we don't see any changes for DAX or MDAX. But small price swings could change our expectations for both indices.
MDAX member HugoBoss is expected to fall in the rankings (again) due to the takeover effort by Frasier.


Quiddity Leaderboard DAX/MDAX Sep 26: Reference Period Started; Few Names Close to the Border

<ul>
<li>In this insight, we look at the potential ADDs/DELs for the DAX and MDAX indices ahead of the September 2026 index rebal event.</li>
<li>Currently, we see one change for DAX and no changes for MDAX in September 2026.</li>
<li>The September rebal allows both Fast Entry/Exit and Regular Entry/Exit changes, creating interesting scenarios for borderline names. </li>
</ul>


In this insight, we look at the potential ADDs/DELs for the DAX and MDAX indices ahead of the September 2026 index rebal event.
Currently, we see one change for DAX and no changes for MDAX in September 2026.
The September rebal allows both Fast Entry/Exit and Regular Entry/Exit changes, creating interesting scenarios for borderline names. 


Quiddity Leaderboard DAX/MDAX Sep 26: One DAX Change Likely; Reference Period Starting Soon

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>Global indexes including the MSCI ACWI and ACWI ex-US are following in the MSCI EM index’s footsteps by breaking to new highs. This is bullish and signals a new leg higher is underway. Additionally, the US dollar is showing signs of a breakdown, something we view as a positive for global risk sentiment as long as the decline continues to be orderly. Overall our outlook remains bullish and we suggest buying any dips. Growth remains long-term leadership -- remain overweight. Attractive growth Sectors highlighted in today’s report include: Health Care, Services, Technology, and Communications</p>

Global indexes including the MSCI ACWI and ACWI ex-US are following in the MSCI EM index’s footsteps by breaking to new highs. This is bullish and signals a new leg higher is underway. Additionally, the US dollar is showing signs of a breakdown, something we view as a positive for global risk sentiment as long as the decline continues to be orderly. Overall our outlook remains bullish and we suggest buying any dips. Growth remains long-term leadership -- remain overweight. Attractive growth Sectors highlighted in today’s report include: Health Care, Services, Technology, and Communications

U.S. Dollar Breakdown: Bullish For Ex-U.S. Equities

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Event-Driven

Domain Holdings Australia  / Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/domain-holdings-australia-ltd" target="_blank" data-smartkarma-citation="entities:26033:1" rel="noopener">Domain Holdings Australia (DHG AU)</a> entered a scheme implementation deed with <a href="https://www.smartkarma.com/entities/costar-group-inc" target="_blank" data-smartkarma-citation="entities:16907:1" rel="noopener">Costar Group (CSGP US)</a> at A$4.43 per share, a 42.0% premium to the undisturbed price.</li>
<li>As CoStar is a US entity, FIRB approval should be forthcoming. The scheme vote is low-risk, as Nine (60.05% of outstanding shares) will vote in favour of it. </li>
<li>While attractive to precedent transaction multiples, the offer remains light compared to peer multiples. At the last close and for an end-of-August payment, the gross/annualised spread is 1.1%/3.6%. </li>
</ul>



Domain Holdings Australia (DHG AU) entered a scheme implementation deed with Costar Group (CSGP US) at A$4.43 per share, a 42.0% premium to the undisturbed price.
As CoStar is a US entity, FIRB approval should be forthcoming. The scheme vote is low-risk, as Nine (60.05% of outstanding shares) will vote in favour of it. 
While attractive to precedent transaction multiples, the offer remains light compared to peer multiples. At the last close and for an end-of-August payment, the gross/annualised spread is 1.1%/3.6%. 


Domain Holdings (DHG AU): CoStar’s A$4.43 Binding Proposal a Done Deal

<ul>
<li>
<a href="https://www.smartkarma.com/entities/domain-holdings-australia-ltd" target="_blank" data-smartkarma-citation="entities:26033:1" rel="noopener">Domain Holdings Australia (DHG AU)</a> announced a final non-binding proposal from <a href="https://www.smartkarma.com/entities/costar-group-inc" target="_blank" data-smartkarma-citation="entities:16907:1" rel="noopener">Costar Group (CSGP US)</a> at A$4.43, a 5.5% premium to the previous A$4.20 offer.</li>
<li>The scheme vote is low-risk as <a href="https://www.smartkarma.com/entities/nine-entertainment-co-holdings-ltd" target="_blank" data-smartkarma-citation="entities:708:1" rel="noopener">Nine Entertainment Co Holdings (NEC AU)</a> seems supportive. Nine suggested that the revised price would result in after-tax cash proceeds of A$1.4 billion.</li>
<li>While attractive to precedent transaction multiples, the revised offer remains light compared to peer multiples. Nevertheless, expect a binding proposal to be forthcoming. </li>
</ul>



Domain Holdings Australia (DHG AU) announced a final non-binding proposal from Costar Group (CSGP US) at A$4.43, a 5.5% premium to the previous A$4.20 offer.
The scheme vote is low-risk as Nine Entertainment Co Holdings (NEC AU) seems supportive. Nine suggested that the revised price would result in after-tax cash proceeds of A$1.4 billion.
While attractive to precedent transaction multiples, the revised offer remains light compared to peer multiples. Nevertheless, expect a binding proposal to be forthcoming. 


Domain Holdings (DHG AU): CoStar Returns with a Final NBIO at A$4.43

Germany

Scout24 AG is an operator of digital classifieds platforms. The Company specializes in the real estate and automotive sectors in Germany and other selected European countries.

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Scout24 AG (G24 GR)

Quiddity Leaderboard DAX/MDAX Sep 26: Reference Period Started; Few Names Close to the Border

Lufthansa needs to recover its ranking in the DAX to become an expected ADD. We see HugoBoss becoming the leading potential DEL for MDAX due to the...

Afridi Reyal

Quiddity Leaderboard DAX/MDAX Sep 26: One DAX Change Likely; Reference Period Starting Soon

Lufthansa is an expected DAX ADD for September 2026, supported by Fast Entry conditions. If rankings shift, a Regular Entry path also opens up for...

Afridi Reyal

U.S. Dollar Breakdown: Bullish For Ex-U.S. Equities

Global indexes including the MSCI ACWI and ACWI ex-US are following in the MSCI EM index’s footsteps by breaking to new highs. This is bullish and...

Vermilion Research

Domain Holdings (DHG AU): CoStar’s A$4.43 Binding Proposal a Done Deal

Nine's support suggests that this is a done deal. At the last close and for an end-of-August payment, the gross/annualised spread is 1.1%/3.6%.

Arun George

Domain Holdings (DHG AU): CoStar Returns with a Final NBIO at A$4.43

A binding proposal should be forthcoming. The revised and final offer is attractive compared to precedent transaction multiples. The vote is low...

Arun George

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