IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

Arun has over 15 years’ experience covering the Technology sector. During this time, he has worked with technology start-ups and as an equity analyst in investment banks and independent research firms. He was formerly a Technology Analyst for Canaccord Genuity, Altium Securities, Espirito Santo Investment Bank, Noble Group and Clear Capital. He has a dual Master’s degree in Financial Engineering and Industrial and Operations Engineering from the University of Michigan. He obtained his Bachelor’s degree in Mechanical Engineering from the Indian Institute of Technology, Bombay. He is also a CFA charterholder.

IPOs and Catalysts/Events

Chindata (CD US): Bain Capital’s Low-Balled Privatisation Offer

Merger Arb Mondays (12 Jun) - Chindata, Mason, Yitai, Toshiba, Estia, Origin, Musgrave, Toyo

Merger Arb Mondays (26 Jun) - Eoflow, ENM, Estia, InvoCare, United Malt, Arclands, Chindata

Chindata the Next Chinese ADR Privatisation Target?

Gravity Works As WeWork Doesn't; Now Plan B

Bifurcated Chinese Express Market Developing

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Global Equity Research Ltd

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Equity Capital Markets

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<li>
<a href="https://www.smartkarma.com/entities/chindata-group-holdings-adr" target="_blank" data-smartkarma-citation="entities:29274:1" rel="noopener">Chindata Group (CD US)</a>’s 3Q22 results beat both revenue and adjusted EBITDA consensus estimates. Chindata raised its full-year guidance for the second time this year.</li>
<li>Chindata continues to attract rumours of takeover interest, most recently from China Merchants. Its track record of beating guidance, modest leverage and beaten-down rating make it a target. </li>
<li>A forward EV/EBITDA multiple of 10.8x, in line with <a href="https://www.smartkarma.com/entities/21-vianet-group-inc-adr" target="_blank" data-smartkarma-citation="entities:8489:1" rel="noopener">21Vianet Group (VNET US)</a>’s multiple implied by its founder’s offer (at US$8.20), would imply Chindata’s price of US$8 per ADS.  </li>
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Chindata Group (CD US)’s 3Q22 results beat both revenue and adjusted EBITDA consensus estimates. Chindata raised its full-year guidance for the second time this year.
Chindata continues to attract rumours of takeover interest, most recently from China Merchants. Its track record of beating guidance, modest leverage and beaten-down rating make it a target. 
A forward EV/EBITDA multiple of 10.8x, in line with 21Vianet Group (VNET US)’s multiple implied by its founder’s offer (at US$8.20), would imply Chindata’s price of US$8 per ADS.  


2023 High Conviction: Chindata's Track Record & Rating Makes It a Takeover Target