In today’s briefing:
- [Japan M&A] Founder, KEPCO, Try ¥2,750 Bain-Led MBO on Rezil (176A). Light Given Growth – Bumpity?
- Rezil (176A JP): Bain’s Tender Offer Is a Done Deal
- Fortis Inc’s Strategic Moves – What’s Driving Its Market Position In Clean Energy?
- KNR: Expecting Stronger Results in H2
- IDACORP: What’s Driving Its Bold Shift Into Gas-Fired Energy & Beyond!
- Essential Utilities, Inc: Growth in Texas & Legislative Support Driving Our Optimism!
- AES Corporation: Transition from Coal & Asset Performance To Up The Ante In Clean Energy Sectors!
[Japan M&A] Founder, KEPCO, Try ¥2,750 Bain-Led MBO on Rezil (176A). Light Given Growth – Bumpity?
- To my knowledge, this may be the first Tender Offer takeout proposal on a “new ticker.” Rezil (176A JP) was listed just 16mos ago.
- This takeout is done on a highish-growth stock at 11.7x 1yr forward EV/EBITDA. It’s not expensive, but they have ~60%. BUT… there’s another Potential Player who may have Big Thoughts.
- Slightly long-dated, small-cap, likely to be illiquid. Watch how it trades early for hints.
Rezil (176A JP): Bain’s Tender Offer Is a Done Deal
- Rezil (176A JP) has recommended a tender offer from Bain Capital at JPY2,750, a 57.1% premium to the undisturbed price of JPY1,750.
- The offer is attractive as it aligns with the midpoint of the target IFA DCF valuation range, represents an all-time high and is 129.2% above the IPO price of JPY1,200.
- This is a done deal as Hikari Tsushin, a cross-holder, tendering is sufficient to meet the minimum tendering condition. At the last close, the gross spread was 6.8%.
Fortis Inc’s Strategic Moves – What’s Driving Its Market Position In Clean Energy?
- Fortis Inc.’s second-quarter 2025 performance showcased a mix of significant achievements and challenges, characteristic of a large utility company’s complex operating environment.
- The firm reported an increase in its earnings, with a notable rate of $0.76 per share, up from $0.67 in the same period the previous year.
- This improvement was attributed mainly to enhanced rate base investments and favorable outcomes in regulatory matters.
KNR: Expecting Stronger Results in H2
- What you need to know: • Kontrol reported Q2 financial results that were below our expectations due to tariff related uncertainty.
- Revenue came in at $1.3M vs. our estimate of $1.8M and adjusted EBITDA of ($0.3M) vs. our estimate of $0.2M.
- • KNR highlighted that it expects stronger organic growth in H2 as its clients look to increase capex spending.
IDACORP: What’s Driving Its Bold Shift Into Gas-Fired Energy & Beyond!
- IDACORP’s second-quarter results of 2025 indicate modest growth and operational strength, evidenced by the rise in diluted earnings per share to $1.76 compared to $1.71 in the previous year’s second quarter.
- The company has benefited from an increase in tax credit amortization under the Idaho regulatory mechanism, increasing from $7.5 million to $17.2 million year-over-year in the same quarter.
- This additional amortization, when coupled with strong operational performance, has prompted the company to elevate its full-year earnings per share guidance to between $5.70 and $5.85.
Essential Utilities, Inc: Growth in Texas & Legislative Support Driving Our Optimism!
- Essential Utilities, Inc. delivered robust financial performance in the second quarter of 2025, showcasing significant growth in both its Water and Natural Gas segments.
- One of the standout figures was the company’s GAAP earnings per share, which increased by 35% year-over-year to $0.38.
- A primary driver of this growth was favorable rate case outcomes in Pennsylvania, which enhanced revenues by 18.5% and were also bolstered by higher gas consumption and increased purchased gas costs.
AES Corporation: Transition from Coal & Asset Performance To Up The Ante In Clean Energy Sectors!
- AES Corporation’s second quarter 2025 financial results reflect a balanced mix of strengths and challenges across its operations.
- Overall, the company has managed to maintain resilience in the face of changing market conditions and policy landscapes, directed by a strategy that emphasizes flexibility and a diversified energy portfolio.
- On the positive side, AES reaffirmed its 2025 guidance and long-term growth targets, reporting adjusted EBITDA of $681 million and an adjusted EPS of $0.51 for the quarter.
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