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>EQT has reconfirmed its A$3.13 offer (A$3.095 net of dividend) 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> three times. Financing is well covered, and a SID looks likely.</li>
<li>Shares fell 3.6% to A$2.66 today, likely reflecting sell-the-news profit-taking, a third exclusivity extension, growing institutional opposition and the 22 October AGM overhang.</li>
<li>The scheme vote should pass, as confirmed dissent (10.3%) is insufficient to block it, but industry funds (14%) joining and the AGM spill risk make it contested, not a formality.</li>
</ul>


EQT has reconfirmed its A$3.13 offer (A$3.095 net of dividend) for Cleanaway Waste Management (CWY AU) three times. Financing is well covered, and a SID looks likely.
Shares fell 3.6% to A$2.66 today, likely reflecting sell-the-news profit-taking, a third exclusivity extension, growing institutional opposition and the 22 October AGM overhang.
The scheme vote should pass, as confirmed dissent (10.3%) is insufficient to block it, but industry funds (14%) joining and the AGM spill risk make it contested, not a formality.


Cleanaway (CWY AU): EQT Deal on Track, but the Vote Won’t Be a Formality

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.

Equity Bottom-Up

<ul><li>Waste Management, Inc. recently presented its third-quarter 2025 financial results, reflecting a robust operational and financial performance.</li><li>The company reported over a 15% increase in operating EBITDA and a 33% rise in free cash flow, demonstrating the success of its core businesses and strategic investments.</li><li>Positively, the Collection and Disposal (C&D) segment is driving growth, showing strong organic revenue and volume increases.</li></ul>

Waste Management, Inc. recently presented its third-quarter 2025 financial results, reflecting a robust operational and financial performance.The company reported over a 15% increase in operating EBITDA and a 33% rise in free cash flow, demonstrating the success of its core businesses and strategic investments.Positively, the Collection and Disposal (C&D) segment is driving growth, showing strong organic revenue and volume increases.

Waste Management: Cross-Selling in Healthcare Solutions to Indicate A Strong Potential For Future Growth Through Expanded Service Offerings!

<ul>
<li>
<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> disclosed a non-binding proposal from EQT at A$3.13, a 32.1% premium to the undisturbed price of A$2.37.</li>
<li>The Board has granted a nine-week exclusivity period. While the offer represents a 10-year high and is attractive compared to precedent transactions, it is light compared to peer multiples. </li>
<li>A restive shareholder base underscored by the last AGM results is a risk. However, with a turnaround remaining elusive (FY2027 EBIT downgrade), most shareholders will grudgingly accept it. </li>
</ul>



Cleanaway Waste Management (CWY AU) disclosed a non-binding proposal from EQT at A$3.13, a 32.1% premium to the undisturbed price of A$2.37.
The Board has granted a nine-week exclusivity period. While the offer represents a 10-year high and is attractive compared to precedent transactions, it is light compared to peer multiples. 
A restive shareholder base underscored by the last AGM results is a risk. However, with a turnaround remaining elusive (FY2027 EBIT downgrade), most shareholders will grudgingly accept it. 


Cleanaway (CWY AU): EQT’s Non-Binding Offer Provokes Mixed Feelings

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 are shifting our near-term outlook to neutral on the S&amp;P 500 (SPX), after being bullish for all but one week since 4/22/25 (we went neutral 11/19/25-11/25/25).</li>
<li>Choppy consolidation has continued between support at 6780-6824 and resistance at 7000, and a neutral near-term outlook is appropriate until there is a decisive break in either direction.</li>
<li>We intended to wait for SPX to break below 6780 to downgrade our near-term outlook, continued deterioration in market dynamics suggests a breakout above 7000 is unlikely</li>
</ul>


We are shifting our near-term outlook to neutral on the S&amp;P 500 (SPX), after being bullish for all but one week since 4/22/25 (we went neutral 11/19/25-11/25/25).
Choppy consolidation has continued between support at 6780-6824 and resistance at 7000, and a neutral near-term outlook is appropriate until there is a decisive break in either direction.
We intended to wait for SPX to break below 6780 to downgrade our near-term outlook, continued deterioration in market dynamics suggests a breakout above 7000 is unlikely


Shifting to Neutral Near-Term as Chop Continues; Market Dynamics Deteriorating: HY Spreads, DXY, Etc

<ul>
<li>Semiconductors (SMH,SOXX,NVDA,AVGO) have been leadership since late-2022, but they're extended and starting to see profit taking as market participants rotate into other laggard areas of the market (especially Energy).</li>
<li>The question is whether this new trend lasts a few days, or if this is the start of longer-term trend.</li>
<li>If there will be any lasting rotation away from Technology/semiconductors, SPX and QQQ would need to break strong short-term supports at 5370-5380 and $468-469, respectively. Until then, Tech/semis remain leadership</li>
</ul>


Semiconductors (SMH,SOXX,NVDA,AVGO) have been leadership since late-2022, but they're extended and starting to see profit taking as market participants rotate into other laggard areas of the market (especially Energy).
The question is whether this new trend lasts a few days, or if this is the start of longer-term trend.
If there will be any lasting rotation away from Technology/semiconductors, SPX and QQQ would need to break strong short-term supports at 5370-5380 and $468-469, respectively. Until then, Tech/semis remain leadership


Rotation Is the Lifeblood of a Bull Market; Still Bullish; Supports at SPX 5370-5380, QQQ $468-469

United States

Waste Management, Inc. provides waste management services including collection, transfer, recycling, resource recovery and disposal services, and operates waste-to-energy facilities.  The Company serves municipal, commercial, industrial, and residential customers throughout North America.

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Waste Management (WM US)

Cleanaway (CWY AU): EQT Deal on Track, but the Vote Won’t Be a Formality

EQT's thrice-reconfirmed offer points to a SID, but shares fell 3.6% today to A$2.66. The scheme vote should pass if dissent stays contained.

Arun George

Waste Management: Cross-Selling in Healthcare Solutions to Indicate A Strong Potential For Future Growth Through Expanded Service Offerings!

Waste Management, Inc. recently presented its third-quarter 2025 financial results, reflecting a robust operational and financial performance. The...

Baptista Research

Cleanaway (CWY AU): EQT’s Non-Binding Offer Provokes Mixed Feelings

The AFR reports that EQT’s Cleanaway takeover is progressing: 15 lenders, including major Australian, Japanese, French and Canadian banks, are...

Arun George

Shifting to Neutral Near-Term as Chop Continues; Market Dynamics Deteriorating: HY Spreads, DXY, Etc

Shifting to Neutral Near-Term as Chop Continues; Market Dynamics Deteriorating: HY Spreads, MOVE index, DXY, Commodities All Rising $DJP $USO $UGA....

Vermilion Research

Rotation Is the Lifeblood of a Bull Market; Still Bullish; Supports at SPX 5370-5380, QQQ $468-469

Rotation is the Lifeblood of a Bull Market; Bullish Outlook Intact; Expecting Short-term Support at $SPX 5370-5380 and $QQQ $468-469 (20-day MAs...

Vermilion Research

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