European Event-Driven Analyst

Jesus Rodriguez Aguilar

Event-Driven

<ul>
<li>WSP's revised €51.50 proposal values Arcadis at only 9.6x NTM EBITDA, broadly in line with WSP's own trading multiple despite a 45.8% headline premium.</li>
<li>We estimate Arcadis' standalone value at approximately €47 per share and strategic value at around €54, reflecting achievable merger synergies without assuming a full peer rerating.</li>
<li>Our analysis supports a negotiated outcome around €54 per share. At current levels, we continue to see favourable risk/reward for event-driven investors.</li>
</ul>


WSP's revised €51.50 proposal values Arcadis at only 9.6x NTM EBITDA, broadly in line with WSP's own trading multiple despite a 45.8% headline premium.
We estimate Arcadis' standalone value at approximately €47 per share and strategic value at around €54, reflecting achievable merger synergies without assuming a full peer rerating.
Our analysis supports a negotiated outcome around €54 per share. At current levels, we continue to see favourable risk/reward for event-driven investors.


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

iShares MSCI ACWI ETF / Technical Analysis

<ul>
<li>Market dynamics remain healthy and we are continuing to see signs that suggest global equities are entering a new broad-based bull market.</li>
<li>Led by strength from the US, the MSCI ACWI index (ACWI-US) recently broke out to new highs above the key $105.40 resistance level, a bullish sign for global equities.</li>
<li>Global sovereign yields have moved lower in recent weeks. We expect rates to find support near current levels, creating an opportunity to add to value Sectors.</li>
</ul>


Market dynamics remain healthy and we are continuing to see signs that suggest global equities are entering a new broad-based bull market.
Led by strength from the US, the MSCI ACWI index (ACWI-US) recently broke out to new highs above the key $105.40 resistance level, a bullish sign for global equities.
Global sovereign yields have moved lower in recent weeks. We expect rates to find support near current levels, creating an opportunity to add to value Sectors.


MSCI ACWI Breaking To New Highs; Buying Financials, Consumer Discretionary, Industrials, Materials

Global equities are now breaking out to new highs amid positive technical developments -- something we noted was increasingly likely in last week’s Int’l Compass. These breakouts and other technical developments highlighted below argue that this is the beginning of a new leg higher. Now is the time to be playing offense. In today’s report we highlight our favorite setups within Industrials, spanning the Vermilion international Manufacturing, Services, and Transportation Sectors.

Global equities are now breaking out to new highs amid positive technical developments -- something we noted was increasingly likely in last week’s Int’l Compass. These breakouts and other technical developments highlighted below argue that this is the beginning of a new leg higher. Now is the time to be playing offense. In today’s report we highlight our favorite setups within Industrials, spanning the Vermilion international Manufacturing, Services, and Transportation Sectors.

Global Equity Strategy: Global Equities Beginning a New Leg Higher

The probability for a breakout for global equities (MSCI ACWI) has increased in the past week based on several positive technical developments which we highlight below. Still, there are several indicators that continue to tell us we are not yet out of the woods. In this report we outline key technical levels and drivers across major markets, and highlight attractive set ups in the following areas: European &amp; UK Banks, Exchanges/Markets, Asset Managers, and Insurance, Major Autos and Communications.

The probability for a breakout for global equities (MSCI ACWI) has increased in the past week based on several positive technical developments which we highlight below. Still, there are several indicators that continue to tell us we are not yet out of the woods. In this report we outline key technical levels and drivers across major markets, and highlight attractive set ups in the following areas: European &amp; UK Banks, Exchanges/Markets, Asset Managers, and Insurance, Major Autos and Communications.

Global Equity Strategy: Bullish Breakout Probability on the Rise

After failing to break above resistance, global equities (MSCI ACWI) have had a rough start to the third quarter. Continued weakness in global manufacturing and the U.S.-EU tariff escalation raises the potential for a breakdown in global equities, however our outlook remains neutral as long as the MSCI ACWI remains confined to its horizontal range. In today's report we highlight attractive and actionable set-ups within technology, construction and engineering, and real estate.

After failing to break above resistance, global equities (MSCI ACWI) have had a rough start to the third quarter. Continued weakness in global manufacturing and the U.S.-EU tariff escalation raises the potential for a breakdown in global equities, however our outlook remains neutral as long as the MSCI ACWI remains confined to its horizontal range. In today's report we highlight attractive and actionable set-ups within technology, construction and engineering, and real estate.

Global Equity Strategy: Prevailing Trends Persist

Canada

WSP Global Inc. offers engineering services.  The Company offers professional services in the areas of construction, energy, the environment, mining, municipal infrastructure, project management, telecommunications, and transportation.

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WSP Global Inc (WSP CN)

WSP/Arcadis: Building Towards €54

WSP's revised €51.50 proposal values Arcadis broadly in line with its own trading multiple. We estimate standalone value at €47 and strategic value...

Jesus Rodriguez Aguilar

MSCI ACWI Breaking To New Highs; Buying Financials, Consumer Discretionary, Industrials, Materials

Global sovereign yields have moved lower in recent weeks. We expect rates to find support near current levels, and recommend adding exposure to...

Vermilion Research

Global Equity Strategy: Global Equities Beginning a New Leg Higher

Global equities are now breaking out to new highs amid positive technical developments -- something we noted was increasingly likely in last week’s...

Vermilion Research

Global Equity Strategy: Bullish Breakout Probability on the Rise

The probability for a breakout for global equities (MSCI ACWI) has increased in the past week based on several positive technical developments...

Vermilion Research

Global Equity Strategy: Prevailing Trends Persist

After failing to break above resistance, global equities (MSCI ACWI) have had a rough start to the third quarter. Continued weakness in global...

Vermilion Research

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