In today’s briefing:
- RPMGlobal (RUL AU): Caterpillar Mulling a Privatisation Bid
- Relative Value Opportunities in Asia-Pac, Pair Trade Roundup (1 Sep)
- Airtasker Ltd – Solid guidance off a strong FY25 base
- CleanSpace Holdings RaaS Interview Transcript
- Cleanspace Holdings Ltd – Spotless numbers
RPMGlobal (RUL AU): Caterpillar Mulling a Privatisation Bid
- The AFR reports that Caterpillar Inc (CAT US) and four other bidders are considering a privatisation bid for RPMGlobal Holdings Limited (RUL AU) at around A$5.00 per share.
- In response to the article, RPM entered a trading halt the same day regarding “an indicative proposal from a third party regarding a potential acquisition.”
- RPM’s shareholder structure facilitates an offer. The rumoured offer is reasonable but is far from a knockout bid, suggesting the potential of a bidding war.
Relative Value Opportunities in Asia-Pac, Pair Trade Roundup (1 Sep)
- Context: This Insight follows up on previously highlighted relative value opportunities, using a statistical methodology based on mean-reversion to identify opportunities in paired securities.
- Highlights: Currently four pair trade opportunities across two markets and three sectors persist.
- Why read: Statistical analysis offers a unique perspective on relative value. Gain insights into actionable statistical pair trade opportunities and monitor performance of previously highlighted pairs.
Airtasker Ltd – Solid guidance off a strong FY25 base
- Airtasker Limited (ASX:ART) is an online marketplace for local services, connecting people and businesses who need work done with people who want to work.
- ART has reported its FY25 result, which was largely flagged in the recent Q4 FY25 cash flow update.
- Further disclosure reveals a monetisation rate of 21.6% for FY25, up from 20% in FY24 and above our forecast.
CleanSpace Holdings RaaS Interview Transcript
- Finola Burke from RaaS Research Group interviews CleanSpace Holdings’ CEO Gabrielle O’Carroll and CFO Bree Greeff.
Cleanspace Holdings Ltd – Spotless numbers
- CleanSpace Holdings Ltd (ASX:CSX) is a designer and manufacturer of respiratory protection equipment and consumables for powered air purifying respirators (PAPRs).
- CSX has released its FY25 results delivering an impressive set of numbers including revenue growth of 26%, a 250bps increase in gross margin to 74.8%, flat costs on the pcp despite some one-offs, a H2 FY25 EBITDA profit and positive operating cash flow.
- Inventories relative to sales declined 700bps to 11%, helping to boost cash reserves to $10.5m.
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