Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Stay away from <a href="https://www.smartkarma.com/entities/adani-enterprises-ltd" target="_blank" data-smartkarma-citation="entities:245:1" rel="noopener">Adani Enterprises (ADE IN)</a>. It has wrapped itself in a cloak of nationalistic righteous indignation. Do not buy the dip. Or even a larger one. </li>
<li>The timing of a <a href="https://www.smartkarma.com/entities/bendigo-adelaide-bank-ltd" target="_blank" data-smartkarma-citation="entities:682:1" rel="noopener">Bendigo And Adelaide Bank (BEN AU)</a> and <a href="https://www.smartkarma.com/entities/bank-of-queensland-ltd" target="_blank" data-smartkarma-citation="entities:16606:1" rel="noopener">Bank Of Queensland (BOQ AU)</a> merger makes a lot of sense right now.</li>
<li>This <a href="https://www.smartkarma.com/entities/renault-sa" target="_blank" data-smartkarma-citation="entities:21536:1" rel="noopener">Renault SA (RNO FP)</a> / <a href="https://www.smartkarma.com/entities/nissan-motor-co-ltd" target="_blank" data-smartkarma-citation="entities:72:1" rel="noopener">Nissan Motor (7201 JP)</a>'s press release and "agreement", as-is, is a Nothingburger. </li>
</ul>


Stay away from Adani Enterprises (ADE IN). It has wrapped itself in a cloak of nationalistic righteous indignation. Do not buy the dip. Or even a larger one. 
The timing of a Bendigo And Adelaide Bank (BEN AU) and Bank Of Queensland (BOQ AU) merger makes a lot of sense right now.
This Renault SA (RNO FP) / Nissan Motor (7201 JP)'s press release and "agreement", as-is, is a Nothingburger. 


Last Week in SPACE: Adani Group, Bendigo/Bank of Queensland, Renault/Nissan, Keisei/Oriental Land

European Event-Driven Analyst

Jesus Rodriguez Aguilar

<ul>
<li>Shareholders caved in, the Despatures now hold 94.38% of SOMFY's share capital and 96.31% of voting rights. They asked the AMF for the launch of a squeeze‐out procedure (9 February).</li>
<li>SOMFY will be delisted from Euronext Paris on 9 February. Following the squeeze-out, SOMFY intends to distribute an extraordinary dividend up to €620 million </li>
<li>The total cost for the family is c. €1,285 million (plus investment banking and legal fees). Nearly half of that will be covered by a €620 million extraordinary dividend. Cool.</li>
</ul>


Shareholders caved in, the Despatures now hold 94.38% of SOMFY's share capital and 96.31% of voting rights. They asked the AMF for the launch of a squeeze‐out procedure (9 February).
SOMFY will be delisted from Euronext Paris on 9 February. Following the squeeze-out, SOMFY intends to distribute an extraordinary dividend up to €620 million 
The total cost for the family is c. €1,285 million (plus investment banking and legal fees). Nearly half of that will be covered by a €620 million extraordinary dividend. Cool.


Despature Family/​Somfy: Squeeze-Out, Delisting

<ul>
<li>Majority shareholders Despatures (73.9%) plan to use the abundant cash holdings of Somfy to finance a simplified cash offer at €143/share (16.8x EV/23e EBIT, 21.1x P/23e E, 20.6% premium).</li>
<li>In case of squeeze-out, Somfy intends to distribute afterwards an extraordinary dividend up to €620m (source: draft memo). The market believes the offer is low (gross spread is +0.98%).</li>
<li>I believe there are grounds for an offer sweetening (base-case valuation throws €150.98/share) and the risk-reward seems favorable considering a very motivated (and opportunistic) buyer. Long.</li>
</ul>


Majority shareholders Despatures (73.9%) plan to use the abundant cash holdings of Somfy to finance a simplified cash offer at €143/share (16.8x EV/23e EBIT, 21.1x P/23e E, 20.6% premium).
In case of squeeze-out, Somfy intends to distribute afterwards an extraordinary dividend up to €620m (source: draft memo). The market believes the offer is low (gross spread is +0.98%).
I believe there are grounds for an offer sweetening (base-case valuation throws €150.98/share) and the risk-reward seems favorable considering a very motivated (and opportunistic) buyer. Long.


Despature Family/Somfy: Lowball Simplified Takeout, Timetable

Co-founder & Managing Director, Marketnomix 

Rajan Govil

Co-founder & Managing Director

Marketnomix 

Macroeconomics

Industrial production in Eurozone continues to struggle to gain momentum and came in weaker than expected in June which poses a risk to our GDP outlook of 1.3% for 2016 (lowered from 1.6% after the Brexit vote). While the weakness in factory output was seen ahead of the Brexit vote, the effect of UK’s exit is clearly felt in the aftermath, and it is expected to come in weaker going forward.Industrial Production (IPI) in the Eurozone came in at 0.4% y-o-y in June 2016 similar to the growth seen…

Industrial production in Eurozone continues to struggle to gain momentum and came in weaker than expected in June which poses a risk to our GDP outlook of 1.3% for 2016 (lowered from 1.6% after the Brexit vote). While the weakness in factory output was seen ahead of the Brexit vote, the effect of UK’s exit is clearly felt in the aftermath, and it is expected to come in weaker going forward.Industrial Production (IPI) in the Eurozone came in at 0.4% y-o-y in June 2016 similar to the growth seen…

EUROZONE: Weak Industrial Production Poses Risk to GDP Growth

Industrial Production (IPI) in the Eurozone revived in April 2016 after having recorded negligible growth in March 2016. On a seasonally and working day adjusted (swda) basis, production grew by 2% y-o-y in April 2016 compared to a rise of 0.1% y-o-y in March 2016. It grew 1.1% y-o-y on a 3-month moving average (3mma) basis in April 2016 compared to 1.6% y-o-y in March 2016.In terms of industry segments, electricity &amp; utilities increased 1.8% y-o-y in April 2016 after having recorded negative…

Industrial Production (IPI) in the Eurozone revived in April 2016 after having recorded negligible growth in March 2016. On a seasonally and working day adjusted (swda) basis, production grew by 2% y-o-y in April 2016 compared to a rise of 0.1% y-o-y in March 2016. It grew 1.1% y-o-y on a 3-month moving average (3mma) basis in April 2016 compared to 1.6% y-o-y in March 2016.In terms of industry segments, electricity &amp; utilities increased 1.8% y-o-y in April 2016 after having recorded negative…

Eurozone: Industrial Production Revives Across Most Sectors and Countries in April

France

Somfy SA provides automatic controls for opening and closures in home and buildings. The Company offers interior blinds, shutters, solar protection equipment, doors, windows, gates, and accessories. Somfy serves customers worldwide.

Somfy (SO FP)

Last Week in SPACE: Adani Group, Bendigo/Bank of Queensland, Renault/Nissan, Keisei/Oriental Land

The weekend is here! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed...

David Blennerhassett

Despature Family/Somfy: Squeeze-Out, Delisting

Taking into account the treasury shares, the family group holds 94.38% of the share capital and 96.31% of its voting rights. The Despature family...

Jesus Rodriguez Aguilar

Despature Family/Somfy: Lowball Simplified Takeout, Timetable

Majority shareholders Despatures (73.9%) plan to use the abundant cash holdings of Somfy to finance a simplified cash offer at €143/share, for an...

Jesus Rodriguez Aguilar

EUROZONE: Weak Industrial Production Poses Risk to GDP Growth

Industrial production in Eurozone continues to struggle to gain momentum and came in weaker than expected in June which poses a risk to our GDP...

Rajan Govil

Eurozone: Industrial Production Revives Across Most Sectors and Countries in April

Industrial Production (IPI) in the Eurozone revived in April 2016 after having recorded negligible growth in March 2016. On a seasonally and...

Rajan Govil

Last Week in SPACE: Adani Group, Bendigo/Bank of Queensland, Renault/Nissan, Keisei/Oriental Land

The weekend is here! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed...

David Blennerhassett

Despature Family/​Somfy: Squeeze-Out, Delisting

Taking into account the treasury shares, the family group holds 94.38% of the share capital and 96.31% of its voting rights. The Despature family...

Jesus Rodriguez Aguilar

Despature Family/Somfy: Lowball Simplified Takeout, Timetable

Majority shareholders Despatures (73.9%) plan to use the abundant cash holdings of Somfy to finance a simplified cash offer at €143/share, for an...

Jesus Rodriguez Aguilar

EUROZONE: Weak Industrial Production Poses Risk to GDP Growth

Industrial production in Eurozone continues to struggle to gain momentum and came in weaker than expected in June which poses a risk to our GDP...

Rajan Govil

Eurozone: Industrial Production Revives Across Most Sectors and Countries in April

Industrial Production (IPI) in the Eurozone revived in April 2016 after having recorded negligible growth in March 2016. On a seasonally and...

Rajan Govil

Despature Family/Somfy: Squeeze-Out, Delisting