Financial News, Analysis and Data, FNArena

FNArena

Financial News, Analysis and Data

Online financial media company focused on Australian equities, with a global perspective

Equity Bottom-Up

<ul><li>New Hope Corp posted a strong FY26 result, in line with expectation, with a big dividend surprise due to rising thermal coal prices.</li><li> New Hope Corp posted FY26 revenue and earnings in line with expectations Production and sales reached top end of guidance range Dividend well ahead of consensus Despite thermal coal prices remaining elevated, the share price has overshot</li></ul>

New Hope Corp posted a strong FY26 result, in line with expectation, with a big dividend surprise due to rising thermal coal prices. New Hope Corp posted FY26 revenue and earnings in line with expectations Production and sales reached top end of guidance range Dividend well ahead of consensus Despite thermal coal prices remaining elevated, the share price has overshot

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>After its curious A$22.07/share self-destructing NBIO on the 15th July, EQT returned a fortnight later with a A$22.50/share NBIO for <a href="https://www.smartkarma.com/entities/perpetual-ltd" target="_blank" data-smartkarma-citation="entities:599:1" rel="noopener">Perpetual Ltd (PPT AU)</a>, by way of a Scheme.</li>
<li>With a 45.2% premium, and optically fair, I thought Perpetual might engage. Perpetual rejected terms on the 29th July. Then crickets. Reportedly Janus Henderson was circling; while EQT continued DD.</li>
<li>EQT has returned with a A$22.50/share Offer, plus upward of a 1H27 dividend of A$0.60/share, without adjustment. Best &amp; final. Perpetual says no dice.  That's the wrong decision.</li>
</ul>


After its curious A$22.07/share self-destructing NBIO on the 15th July, EQT returned a fortnight later with a A$22.50/share NBIO for Perpetual Ltd (PPT AU), by way of a Scheme.
With a 45.2% premium, and optically fair, I thought Perpetual might engage. Perpetual rejected terms on the 29th July. Then crickets. Reportedly Janus Henderson was circling; while EQT continued DD.
EQT has returned with a A$22.50/share Offer, plus upward of a 1H27 dividend of A$0.60/share, without adjustment. Best &amp; final. Perpetual says no dice.  That's the wrong decision.


Perpetual (PPT AU) Rejects EQT's Added Gruel

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

<ul>
<li>We remain constructive on global equities as long as the MSCI ACWI (ACWI-US) holds above major support at $90.50-91.50.</li>
<li>We continue to monitor for whether ACWI-US and EEM-US break supports at $90.50-91.50 and $37, or if broken indexes (EURO STOXX 50, MSCI ACWI ex-US, EAFE) can reclaim supports.</li>
<li>Neither has happened yet, so we remain in wait-and-see mode. We are downgrading non-US small-caps to market weight. Non-US Value remains leadership -- remain overweight/buys in Financials and Communications</li>
</ul>


We remain constructive on global equities as long as the MSCI ACWI (ACWI-US) holds above major support at $90.50-91.50.
We continue to monitor for whether ACWI-US and EEM-US break supports at $90.50-91.50 and $37, or if broken indexes (EURO STOXX 50, MSCI ACWI ex-US, EAFE) can reclaim supports.
Neither has happened yet, so we remain in wait-and-see mode. We are downgrading non-US small-caps to market weight. Non-US Value remains leadership -- remain overweight/buys in Financials and Communications


MSCI ACWI, MSCI EM Still Above Supports; Buys in Global Value - Financials and Communications

<ul>
<li>Following its curious A$22.07/share self-destructing NBIO on the 15th July, EQT has returned with a A$22.50/share NBIO for <a href="https://www.smartkarma.com/entities/perpetual-ltd" target="_blank" data-smartkarma-citation="entities:599:1" rel="noopener">Perpetual Ltd (PPT AU)</a>, by way of a Scheme. </li>
<li>That's a 4% bump to its initial NBIO of A$21.64/share on the 1st July, which was rejected as being inadequate. $22.07/share was similarly deemed inadequate.</li>
<li>PPT's board is assessing the revised tilt. Optically, terms appear fair. Ot at least sufficient to engage. A$22.50/share is a 45.2% premium to undisturbed. </li>
</ul>


Following its curious A$22.07/share self-destructing NBIO on the 15th July, EQT has returned with a A$22.50/share NBIO for Perpetual Ltd (PPT AU), by way of a Scheme. 
That's a 4% bump to its initial NBIO of A$21.64/share on the 1st July, which was rejected as being inadequate. $22.07/share was similarly deemed inadequate.
PPT's board is assessing the revised tilt. Optically, terms appear fair. Ot at least sufficient to engage. A$22.50/share is a 45.2% premium to undisturbed. 


Perpetual (PPT AU): EQT Lifts Its NBIO To A$22.50/Share

<ul>
<li>Last night, <a href="https://www.smartkarma.com/entities/perpetual-ltd" target="_blank" data-smartkarma-citation="entities:599:1" rel="noopener">Perpetual Ltd (PPT AU)</a> announced it had received a revised NBIO from EQT at A$22.07/share, 2% higher than the prior bid that was rejected on the 1st July. </li>
<li>However, Perpetual notes EQT stated in its revised bid, that "the Revised Indicative Proposal itself will be regarded as being automatically withdrawn if it is disclosed".</li>
<li>So, how does that work? Is there, or is there not a revised bid at A$22/share since this terms are publicly disclosed? Perpetual does say it is considering the proposal. </li>
</ul>


Last night, Perpetual Ltd (PPT AU) announced it had received a revised NBIO from EQT at A$22.07/share, 2% higher than the prior bid that was rejected on the 1st July. 
However, Perpetual notes EQT stated in its revised bid, that "the Revised Indicative Proposal itself will be regarded as being automatically withdrawn if it is disclosed".
So, how does that work? Is there, or is there not a revised bid at A$22/share since this terms are publicly disclosed? Perpetual does say it is considering the proposal. 


Perpetual (PPT AUJ): Did EQT Just Make A Revised Offer?

Australia

Washington H. Soul Pattinson & Company Limited is an investment holding company. The Company owns shares and properties, coal mining, bulk handling, commercial television licensee, telecommunications carrier, merchant banking, funds management, pharmaceutical retailing, manufacture, processing and marketing of biscuits and cakes.

Washington H. Soul Pattinson and Co. Ltd (SOL AU)

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

Washington H. Soul Pattinson and Co. Ltd (SOL AU)

New Hope Rides Thermal Coal Wave

New Hope Corp posted a strong FY26 result, in line with expectation, with a big dividend surprise due to rising thermal coal prices. New Hope...

FNArena

Perpetual (PPT AU) Rejects EQT's Added Gruel

Perpetual is not expensive. It's not particularly exciting either. I'm not bearish here; but it's not a strong conviction trade.

David Blennerhassett

MSCI ACWI, MSCI EM Still Above Supports; Buys in Global Value - Financials and Communications

MSCI $ACWI, MSCI EM $EEM Still Above Supports at $90.50-$91.50 and $37, though being tested today. Meanwhile, broken indexes (EURO $STOXX 50,...

Vermilion Research

Perpetual (PPT AUJ): Did EQT Just Make A Revised Offer?

Perpetual is not expensive. I'd get some exposure here. The fact Perpetual did not outright reject a 2% higher bid is illustrativc

David Blennerhassett

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

New Hope Rides Thermal Coal Wave

New Hope Corp posted a strong FY26 result, in line with expectation, with a big dividend surprise due to rising thermal coal prices. New Hope...

FNArena

Perpetual (PPT AU) Rejects EQT's Added Gruel

Perpetual is not expensive. It's not particularly exciting either. I'm not bearish here; but it's not a strong conviction trade.

David Blennerhassett

MSCI ACWI, MSCI EM Still Above Supports; Buys in Global Value - Financials and Communications

MSCI $ACWI, MSCI EM $EEM Still Above Supports at $90.50-$91.50 and $37, though being tested today. Meanwhile, broken indexes (EURO $STOXX 50,...

Vermilion Research

Perpetual (PPT AU): EQT Lifts Its NBIO To A$22.50/Share

Perpetual is not expensive. I'd be buying here. A 45.2% premium to undisturbed is a reasonable change of control premium. But I can see EQT adding...

David Blennerhassett

Perpetual (PPT AUJ): Did EQT Just Make A Revised Offer?

Perpetual is not expensive. I'd get some exposure here. The fact Perpetual did not outright reject a 2% higher bid is illustrativc

David Blennerhassett