European Event-Driven Analyst

Jesus Rodriguez Aguilar

Jesús is an Insight Provider (Event-driven) on the Smartkarma network, where he looks across sectors at opportunities arising from securities mispricing (both credit and equity), share classes, bid announcements, prospective bids, and special situations. He has served as Economic and Business Advisor at the Spanish Congress in Madrid. Prior to that, he has worked in the City of London: as a Credit Analyst at Bloomberg; Event-driven associate at former boutique European Research; and doubled as Special Situations and Equity-linked VP (convertible bonds) at Merrill Lynch. Jesús has an MBA from the London Business School, a BA (Hons.) degree in Economics from the Complutense University in Madrid, and a BA (Hons.) in Law from U.N.E.D., also in Madrid.

Event-Driven

<ul>
<li>High-Conviction setup: Advent’s £37.63/share proposal offers an 85% premium; Spectris' board is supportive, PUSU deadline is July 7 under UK Takeover Code.</li>
<li>Attractive arbitrage: current spread offers ~17.5% gross upside; limited antitrust concerns and supportive FX backdrop enhance deal certainty. Interloper risk is modest but non-zero.</li>
<li>Valuation re-rating: offer implies 14.1x EV/NTM EBITDA vs. 10.1x peer median, justified by control premium, margin uplift potential, and depressed pre-deal valuation (~6.1x).</li>
</ul>


High-Conviction setup: Advent’s £37.63/share proposal offers an 85% premium; Spectris' board is supportive, PUSU deadline is July 7 under UK Takeover Code.
Attractive arbitrage: current spread offers ~17.5% gross upside; limited antitrust concerns and supportive FX backdrop enhance deal certainty. Interloper risk is modest but non-zero.
Valuation re-rating: offer implies 14.1x EV/NTM EBITDA vs. 10.1x peer median, justified by control premium, margin uplift potential, and depressed pre-deal valuation (~6.1x).


Calibrating Value: Spectris in Advent’s Crosshair

Spectris PLC

Calibrating Value: Spectris in Advent’s Crosshair