Index Rebal Trades & Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal Trades & 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 March 2024 index rebal event.</li>
<li>Although I do not see any regular ADDs/DELs for the March 2024 rebalance, there might be one or two intra-review changes during the first quarter of 2024. </li>
<li>These intra-review changes will be triggered by the completion of M&amp;A events and it is important to know which names are leading the race to become intra-review ADDs.</li>
</ul>


In this insight, we take a look at the potential index changes for F100 and F250 in the run-up to the March 2024 index rebal event.
Although I do not see any regular ADDs/DELs for the March 2024 rebalance, there might be one or two intra-review changes during the first quarter of 2024. 
These intra-review changes will be triggered by the completion of M&amp;A events and it is important to know which names are leading the race to become intra-review ADDs.


Quiddity Leaderboard F100/​​​250 Mar 24: Intra-Review Replacements for NETW and LXI REIT

<ul>
<li>The F100 and F250 December 2023 index changes are likely to be announced after the close on Wednesday 29th December 2023.</li>
<li>In this insight, we take a look at the potential index changes for F100 and F250 based on rankings as of 27th November 2023.</li>
<li>There could be one change for the F100 index and six separate changes for the F250 index. Some names lurking close to the border can still make it.</li>
</ul>


The F100 and F250 December 2023 index changes are likely to be announced after the close on Wednesday 29th December 2023.
In this insight, we take a look at the potential index changes for F100 and F250 based on rankings as of 27th November 2023.
There could be one change for the F100 index and six separate changes for the F250 index. Some names lurking close to the border can still make it.


Quiddity Leaderboard F100/​​​250 Dec 23: Final Expectations; Two Trading Days for Announcement

<ul>
<li>In this insight, we take a look at the potential index changes for F100 and F250 in the run up to the June 2023 Rebalance.</li>
<li>Based on latest prices, there could be one change for F100 and four changes in F250 between now and the June 2023 Rebalance including <a href="https://www.smartkarma.com/entities/al-noor-hospitals-group-plc" target="_blank" data-smartkarma-citation="entities:21813:1" rel="noopener">Mediclinic International (MDC LN)</a>'s intra-review change. </li>
<li>Many of the high-ranked F250 potential additions could have very high impact according to our estimates.</li>
</ul>


In this insight, we take a look at the potential index changes for F100 and F250 in the run up to the June 2023 Rebalance.
Based on latest prices, there could be one change for F100 and four changes in F250 between now and the June 2023 Rebalance including Mediclinic International (MDC LN)'s intra-review change. 
Many of the high-ranked F250 potential additions could have very high impact according to our estimates.


Quiddity Leaderboard for UK F100/​​250 June 23: 20+ Days to Buy for Top-Ranked F250 Potential ADDs

<ul>
<li>In this insight, we take a look at Quiddity's final predictions for index changes for UK's F100 and F250 indices for the March 2023 Rebalance.</li>
<li>The index changes are likely to be confirmed after market close today and there could be more intra-review changes later this month.</li>
<li>In this insight, we take a look at the recent price performance of names that can potentially be involved in index changes and our flow expectations for each name.</li>
</ul>


In this insight, we take a look at Quiddity's final predictions for index changes for UK's F100 and F250 indices for the March 2023 Rebalance.
The index changes are likely to be confirmed after market close today and there could be more intra-review changes later this month.
In this insight, we take a look at the recent price performance of names that can potentially be involved in index changes and our flow expectations for each name.


Quiddity Final Predictions for UK F100/250 March 2023 Regular Review & Other Intra-Review Changes

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

Cleanaway Waste Management / Event-Driven

<ul>
<li>An <a href="https://www.afr.com/street-talk/cleanaway-in-kkr-s-crosshairs-20220419-p5aed3" target="_blank" rel="noopener">AFR article</a> claimed that <a href="https://www.smartkarma.com/entities/kkr-co-inc" target="_blank" data-smartkarma-citation="entities:27333:1" rel="noopener">KKR &amp; Co Inc (KKR US)</a> is preparing an offer for <a href="https://www.smartkarma.com/entities/transpacific-industries-group-ltd" target="_blank" data-smartkarma-citation="entities:19885:1" rel="noopener">Cleanaway Waste Management (CWY AU)</a>. The shares rose 5.9% to close at A$3.24.</li>
<li>KKR has a long history with Cleanaway. Private equity has recently acquired waste management companies that are increasingly viewed as “<em>infrastructure-like</em>’’. </li>
<li>Cleanaway’s scale, cash generation and modest leverage make it a target. A forward EV/EBITDA multiple of 15.8x, in line with <a href="https://www.smartkarma.com/entities/bingo-industries-ltd" target="_blank" data-smartkarma-citation="entities:24067:1" rel="noopener">Bingo Industries (BIN AU)</a>’s acquisition multiple, would imply A$3.92.</li>
</ul>


An AFR article claimed that KKR &amp; Co Inc (KKR US) is preparing an offer for Cleanaway Waste Management (CWY AU). The shares rose 5.9% to close at A$3.24.
KKR has a long history with Cleanaway. Private equity has recently acquired waste management companies that are increasingly viewed as “infrastructure-like’’. 
Cleanaway’s scale, cash generation and modest leverage make it a target. A forward EV/EBITDA multiple of 15.8x, in line with Bingo Industries (BIN AU)’s acquisition multiple, would imply A$3.92.


United Kingdom

Renewi plc provides waste management services. The Company collects and recycles energy and fuel, paper, metal, plastic, glass, woodchips and compost, and other products. Renewi serves customers in Europe and North America.

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Renewi (RWI LN)

Quiddity Leaderboard F100/250 Mar 24: Intra-Review Replacements for NETW and LXI REIT

F250 members Network International Holdings and LXI REIT could get deleted from the F250 index in 1Q 2024. The F250 potential ADDs leading the race...

Janaghan Jeyakumar, CFA

Quiddity Leaderboard F100/250 Dec 23: Final Expectations; Two Trading Days for Announcement

Today is the base date for the December 2023 review. The index changes for the December 2023 review will be decided based on full market cap...

Janaghan Jeyakumar, CFA

Quiddity Leaderboard for UK F100/250 June 23: 20+ Days to Buy for Top-Ranked F250 Potential ADDs

On average, there could be around 20 days of volume to buy for the top four F250 potential ADDs according to our estimates and I see a decent...

Janaghan Jeyakumar, CFA

Quiddity Final Predictions for UK F100/250 March 2023 Regular Review & Other Intra-Review Changes

I expect three changes in the regular review and two intra-review changes in March 2023 for the F250 index. I do not expect any changes for the...

Janaghan Jeyakumar, CFA

KKR to Make a Move for Cleanaway?

An AFR article claimed that KKR is preparing an offer for Cleanaway. A forward EV/EBITDA multiple of 15.8x, in line with Bingo’s acquisition...

Arun George

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Quiddity Leaderboard F100/​​​250 Mar 24: Intra-Review Replacements for NETW and LXI REIT

F250 members Network International Holdings and LXI REIT could get deleted from the F250 index in 1Q 2024. The F250 potential ADDs leading the race...

Janaghan Jeyakumar, CFA

Quiddity Leaderboard F100/​​​250 Dec 23: Final Expectations; Two Trading Days for Announcement

Today is the base date for the December 2023 review. The index changes for the December 2023 review will be decided based on full market cap...

Janaghan Jeyakumar, CFA

Quiddity Leaderboard for UK F100/​​250 June 23: 20+ Days to Buy for Top-Ranked F250 Potential ADDs

On average, there could be around 20 days of volume to buy for the top four F250 potential ADDs according to our estimates and I see a decent...

Janaghan Jeyakumar, CFA

Quiddity Final Predictions for UK F100/250 March 2023 Regular Review & Other Intra-Review Changes

I expect three changes in the regular review and two intra-review changes in March 2023 for the F250 index. I do not expect any changes for the...

Janaghan Jeyakumar, CFA

KKR to Make a Move for Cleanaway?

An AFR article claimed that KKR is preparing an offer for Cleanaway. A forward EV/EBITDA multiple of 15.8x, in line with Bingo’s acquisition...

Arun George

Quiddity Leaderboard F100/250 Mar 24: Intra-Review Replacements for NETW and LXI REIT

Quiddity Leaderboard F100/250 Dec 23: Final Expectations; Two Trading Days for Announcement

Quiddity Leaderboard for UK F100/250 June 23: 20+ Days to Buy for Top-Ranked F250 Potential ADDs