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

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

<ul>
<li>
<a href="https://www.smartkarma.com/entities/albis-co-ltd" target="_blank" data-smartkarma-citation="entities:16344:1" rel="noopener">Albis Co Ltd (7475 JP)</a> announced a tender offer from <a href="https://www.smartkarma.com/entities/life-corp" target="_blank" data-smartkarma-citation="entities:1743:1" rel="noopener">Life Corp (8194 JP)</a> at JPY3,780, a 51.2% premium to the last close of JPY2,500.  </li>
<li>Despite the lack of an auction and being marginally below book value (P/B of 0.95x), the offer is attractive compared to historical trading ranges and peer multiples.</li>
<li>The offer is above the midpoint of the target IFA’s DCF valuation range. The required minority acceptance rate to meet the lower limit is achievable. This is a done deal. </li>
</ul>



Albis Co Ltd (7475 JP) announced a tender offer from Life Corp (8194 JP) at JPY3,780, a 51.2% premium to the last close of JPY2,500.  
Despite the lack of an auction and being marginally below book value (P/B of 0.95x), the offer is attractive compared to historical trading ranges and peer multiples.
The offer is above the midpoint of the target IFA’s DCF valuation range. The required minority acceptance rate to meet the lower limit is achievable. This is a done deal. 


Albis (7475 JP): Life Corp (8194 JP)’s Tender Offer at JPY3,780