External reports (aggregated public sources), Value Investors Club

Value Investors Club

External reports (aggregated public sources)

Equity Bottom-Up

<ul><li>Synopsys (SNPS) is recommended as a good long-term holding</li><li>Software Integrity business likely to be divested to improve overall profitability</li><li>EDA and IP divisions of the company have been performing well with adjusted operating margins of over 30%</li></ul>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

Synopsys (SNPS) is recommended as a good long-term holdingSoftware Integrity business likely to be divested to improve overall profitabilityEDA and IP divisions of the company have been performing well with adjusted operating margins of over 30%This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

Synopsys Inc (SNPS) - Tuesday, Dec 19, 2023

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

<ul><li>Synopsys, a leader in the field of silicon-to-system design solutions, has displayed strong growth in their first quarter of the fiscal year 2024.</li><li>They reported revenue of $1.65 billion, marking a 21% year-over-year increase, and their non-GAAP operating margin rose by approximately 3.5 points to 38.7%.</li><li>Likewise, non-GAAP EPS was up 36% year-over-year, at $3.56.</li></ul>

Synopsys, a leader in the field of silicon-to-system design solutions, has displayed strong growth in their first quarter of the fiscal year 2024.They reported revenue of $1.65 billion, marking a 21% year-over-year increase, and their non-GAAP operating margin rose by approximately 3.5 points to 38.7%.Likewise, non-GAAP EPS was up 36% year-over-year, at $3.56.

Synopsys Inc.: What Are The Biggest Synergies From The Ansys Acquisition? - Major Drivers

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

<ul>
<li>
<a href="https://www.smartkarma.com/entities/jsr-corp" target="_blank" data-smartkarma-citation="entities:17620:1" rel="noopener">JSR Corp (4185 JP)</a> pre-conditional tender offer from JIC is JPY4,350 per share. Since the deal announcement, the gross spread has averaged 7.7%.</li>
<li>The wide gross spread reflects the risk in satisfying the pre-condition related to China SAMR approval and potentially shareholder approval due to <a href="https://www.smartkarma.com/entities/shin-etsu-chemical-co-ltd" target="_blank" data-smartkarma-citation="entities:4481:1" rel="noopener">Shin Etsu Chemical (4063 JP)</a>’s re-rating.</li>
<li>SAMR conditional approval would fit with the late February tender start timeline (at the earliest). Despite Shin-Etsu’s re-rating, the offer still looks reasonable.</li>
</ul>



JSR Corp (4185 JP) pre-conditional tender offer from JIC is JPY4,350 per share. Since the deal announcement, the gross spread has averaged 7.7%.
The wide gross spread reflects the risk in satisfying the pre-condition related to China SAMR approval and potentially shareholder approval due to Shin Etsu Chemical (4063 JP)’s re-rating.
SAMR conditional approval would fit with the late February tender start timeline (at the earliest). Despite Shin-Etsu’s re-rating, the offer still looks reasonable.


JSR Corporation (4185 JP): Risk/Reward in Context of Shin-Etsu’s Re-Rating and Looming Tender Start

External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

Thematic (Sector/Industry)

<ul><li>Per Bloomberg Synopsys, one of the big three Electronic Design Automation (EDA) names, is in advanced talks to acquire Ansys for around US$35bn or ~US$400 per share in a stock-and-cash deal.</li><li>The transaction could be announced as soon as this week.</li><li>Ansys is currently trading at US$348.63 per share (as of market close on 8 Jan), representing ~15% premium if the deal gets closed at US$400 per share. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Per Bloomberg Synopsys, one of the big three Electronic Design Automation (EDA) names, is in advanced talks to acquire Ansys for around US$35bn or ~US$400 per share in a stock-and-cash deal.The transaction could be announced as soon as this week.Ansys is currently trading at US$348.63 per share (as of market close on 8 Jan), representing ~15% premium if the deal gets closed at US$400 per share. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Semiconductor – Synopsys Eyes on Ansys: A Potential Software Giant in the Making

<ul><li>Synopsys, Inc. delivered a solid result and managed an all-around beat in the last quarter, achieving a significant quarterly revenue of $1.599 billion.</li><li>This success marked the culmination of a stellar year, witnessing a 15% growth in revenue to $5.84 billion and an expansion of the backlog by $1.5 billion to $8.6 billion.</li><li>The Software Integrity segment reports solid growth, with over 50% YoY growth in the Polaris Software Integrity Platform and recognition as a leader in software composition analysis.</li></ul>

Synopsys, Inc. delivered a solid result and managed an all-around beat in the last quarter, achieving a significant quarterly revenue of $1.599 billion.This success marked the culmination of a stellar year, witnessing a 15% growth in revenue to $5.84 billion and an expansion of the backlog by $1.5 billion to $8.6 billion.The Software Integrity segment reports solid growth, with over 50% YoY growth in the Polaris Software Integrity Platform and recognition as a leader in software composition analysis.

Synopsys Inc.: Can The New GenAI Features Help Catalyze Their Growth? - Major Drivers

United States

Synopsys, Inc. supplies electronic design automation solutions to the global electronics market.  The Company provides design technologies to creators of advanced integrated circuits, electronic systems, and systems on a chip. Synopsys also provides consulting services and support to its customers to streamline the overall design process and accelerate time to market.

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Synopsys Inc (SNPS US)

Synopsys Inc (SNPS) - Tuesday, Dec 19, 2023

Synopsys (SNPS) is recommended as a good long-term holding. Software Integrity business likely to be divested to improve overall profitability

Value Investors Club

Synopsys Inc.: What Are The Biggest Synergies From The Ansys Acquisition? - Major Drivers

Synopsys, a leader in the field of silicon-to-system design solutions, has displayed strong growth in their first quarter of the fiscal year...

Baptista Research

JSR Corporation (4185 JP): Risk/Reward in Context of Shin-Etsu’s Re-Rating and Looming Tender Start

SAMR conditional approval would fit with the late February tender start timeline. Despite Shin-Etsu’s re-rating, the offer still looks reasonable....

Arun George

Semiconductor – Synopsys Eyes on Ansys: A Potential Software Giant in the Making

Per Bloomberg Synopsys, one of the big three Electronic Design Automation (EDA) names, is in advanced talks to acquire Ansys for around US$35bn or...

CMB International

Synopsys Inc.: Can The New GenAI Features Help Catalyze Their Growth? - Major Drivers

Synopsys, Inc. delivered a solid result and managed an all-around beat in the last quarter, achieving a significant quarterly revenue of $1.599...

Baptista Research

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