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 names leading the race to become ADDs/DELETEs for the DAX, MDAX, and SDAX Indices in the December 2023 Rebalance.</li>
<li>Currently, I see two index changes for the MDAX index and two index changes for the SDAX index.</li>
<li>I do not see any changes for the DAX index in December 2023.</li>
</ul>


In this insight, we take a look at the names leading the race to become ADDs/DELETEs for the DAX, MDAX, and SDAX Indices in the December 2023 Rebalance.
Currently, I see two index changes for the MDAX index and two index changes for the SDAX index.
I do not see any changes for the DAX index in December 2023.


Quiddity Leaderboard-DAX Dec 23: Two Changes for MDAX and Two Changes for SDAX

European Event-Driven Analyst

Jesus Rodriguez Aguilar

Event-Driven

<ul>
<li>The Offer has been accepted for 19.2% of the current share capital, which means that EQT will control 98.2% of the shares.</li>
<li>Those who tendered will receive a €3.2/share interim dividend (€2.72/share net) on 4 October, and €12.8/share on 6 October. EQT doesn't intend to seek a squeeze-out.</li>
<li>Investors in SUSE who have not tendered will become soonish shareholders in an unlisted company. Buying now means an 18.8% yield (net), and hoping for a future purchase offer.</li>
</ul>


The Offer has been accepted for 19.2% of the current share capital, which means that EQT will control 98.2% of the shares.
Those who tendered will receive a €3.2/share interim dividend (€2.72/share net) on 4 October, and €12.8/share on 6 October. EQT doesn't intend to seek a squeeze-out.
Investors in SUSE who have not tendered will become soonish shareholders in an unlisted company. Buying now means an 18.8% yield (net), and hoping for a future purchase offer.


<ul>
<li>In this insight, we take a look at the names leading the race to become ADDs/DELETEs for the DAX, MDAX, and SDAX Indices in the September 2023 Rebalance.</li>
<li>I currently do not see any index changes for DAX but <a href="https://www.smartkarma.com/entities/fresenius-medical-care-ag-co" target="_blank" data-smartkarma-citation="entities:21622:1" rel="noopener">Fresenius Medical Care &amp; (FME GR)</a> and <a href="https://www.smartkarma.com/entities/zalando-se" target="_blank" data-smartkarma-citation="entities:21746:1" rel="noopener">Zalando (ZAL GR)</a> are close to being an ADD and DELETE respectively.</li>
<li>I see one change for the MDAX index. Separately, there could be up to three SDAX change in the run up to the December 2023 review including one intra-review change.</li>
</ul>


In this insight, we take a look at the names leading the race to become ADDs/DELETEs for the DAX, MDAX, and SDAX Indices in the September 2023 Rebalance.
I currently do not see any index changes for DAX but Fresenius Medical Care &amp; (FME GR) and Zalando (ZAL GR) are close to being an ADD and DELETE respectively.
I see one change for the MDAX index. Separately, there could be up to three SDAX change in the run up to the December 2023 review including one intra-review change.


Quiddity Leaderboard-DAX Dec 23: One MDAX Change and Three SDAX Changes Possible

<ul>
<li>EQT offers €16/share to delist <a href="https://www.smartkarma.com/entities/suse-sa" target="_blank" data-smartkarma-citation="entities:40044:1" rel="noopener">SUSE (SUSE GR)</a> (split into consideration and interim dividend) and merge it into a Luxembourg SA. On 24 August, EQT published the offer document.</li>
<li>There will be no squeeze-out. The multiples offered (4.8x EV/NTM Fwd Revenue, 14x EV/Fwd NTM EBITDA, source: IBES) are generally consistent with European software companies.</li>
<li>With the stock trading at a 3% gross spread, I see limited upside from here and no interloper risk. Annualised spread is 33.4%. Long and tender.</li>
</ul>


EQT offers €16/share to delist SUSE (SUSE GR) (split into consideration and interim dividend) and merge it into a Luxembourg SA. On 24 August, EQT published the offer document.
There will be no squeeze-out. The multiples offered (4.8x EV/NTM Fwd Revenue, 14x EV/Fwd NTM EBITDA, source: IBES) are generally consistent with European software companies.
With the stock trading at a 3% gross spread, I see limited upside from here and no interloper risk. Annualised spread is 33.4%. Long and tender.


Germany

SUSE S.A. provides enterprise software solutions. The Company offers hybrid cloud IT and cloud-native transformation solutions. SUSE serves customers worldwide.

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