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.

The Paint Has Dried on Nippon: Reassessing the Axalta Merger Spread

Akzo in Play: Can the Axalta Merger Beat Nippon Paint's €73 Cash?

Axalta Through Deal Value: Market Pricing a Bump, Not a Spread

Event-Driven

<ul>
<li>Nippon's €7.5bn proposal values Decorative Paints at 10.8x NTM EBITDA, providing an external benchmark that highlights the relatively low valuation currently implied for Akzo's remaining coatings businesses</li>
<li>Our sum-of-the-parts analysis suggests the market attributes most of Akzo's conglomerate discount to Performance Coatings, not Decorative Paints, despite the former driving the Axalta synergy opportunity.</li>
<li>The proposal appears more likely to reinforce the strategic case for completing the Axalta merger before reviewing portfolio options than to disrupt the transaction itself.</li>
</ul>


Nippon's €7.5bn proposal values Decorative Paints at 10.8x NTM EBITDA, providing an external benchmark that highlights the relatively low valuation currently implied for Akzo's remaining coatings businesses
Our sum-of-the-parts analysis suggests the market attributes most of Akzo's conglomerate discount to Performance Coatings, not Decorative Paints, despite the former driving the Axalta synergy opportunity.
The proposal appears more likely to reinforce the strategic case for completing the Axalta merger before reviewing portfolio options than to disrupt the transaction itself.


Nippon Paint's €7.5bn Proposal Reprices the Akzo–Axalta Merger

Akzo Nobel NV

Nippon Paint's €7.5bn Proposal Reprices the Akzo–Axalta Merger