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

ClearView Wealth (CVW AU): Zurich’s Scheme Offer Could Turn into a Contested Situation

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Global Equity Research Ltd

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Event-Driven

<ul>
<li>The <a href="https://www.smartkarma.com/entities/clearview-wealth-ltd" target="_blank" data-smartkarma-citation="entities:19733:1" rel="noopener">Clearview Wealth (CVW AU)</a> IE considers <a href="https://www.smartkarma.com/entities/zurich-insurance-group-ag-6200ef7e-59a6-4d82-87df-6dfcaec68274" target="_blank" data-smartkarma-citation="entities:27910:1" rel="noopener">Zurich Insurance Group (ZURN SW)</a>’s scheme offer of A$0.65 fair and reasonable, as it falls within its valuation range of A$0.625 to A$0.764.</li>
<li>The offer is arguably light, as the implied P/EV multiple is at a discount relative to precedent transactions and peers. </li>
<li>However, the scheme vote is low risk due to Crescent Capital’s support. At the last close and for a 20 August payment, the gross/annualised spread is 1.6%/9.6%. </li>
</ul>


The Clearview Wealth (CVW AU) IE considers Zurich Insurance Group (ZURN SW)’s scheme offer of A$0.65 fair and reasonable, as it falls within its valuation range of A$0.625 to A$0.764.
The offer is arguably light, as the implied P/EV multiple is at a discount relative to precedent transactions and peers. 
However, the scheme vote is low risk due to Crescent Capital’s support. At the last close and for a 20 August payment, the gross/annualised spread is 1.6%/9.6%. 


ClearView Wealth (CVW AU): Scheme Vote on 27 July