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

Mandom (4917 JP): Two Is a Company as Murakami Joins the Fray

Mandom (4917 JP): Welcome Activism as Hibiki Takes Issue with the Price

Mandom (4917 JP): A Light CVC-Sponsored Preconditional MBO

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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

Paramount Bed Holdings Co Lt / Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/paramount-bed-holdings-co-lt" target="_blank" data-smartkarma-citation="entities:17808:1" rel="noopener">Paramount Bed Holdings Co Lt (7817 JP)</a> has recommended an MBO at JPY3,530, a 32.2% premium to the last close price. The offer represents a ten-year high. </li>
<li>The offer is below the midpoint of the special committee IFA's DCF valuation range and its requested price. Hibiki has <a href="https://www.hibiki-path-advisors.com/en/category/engagement/7817/" target="_blank" rel="noopener">previously suggested</a> an intrinsic value of JPY4,929.  </li>
<li>The setup shares several traits with the Mandom MBO, and has the potential for a bump, particularly if an activist emerges as a substantial shareholder or agitates for better terms.   </li>
</ul>



Paramount Bed Holdings Co Lt (7817 JP) has recommended an MBO at JPY3,530, a 32.2% premium to the last close price. The offer represents a ten-year high. 
The offer is below the midpoint of the special committee IFA's DCF valuation range and its requested price. Hibiki has previously suggested an intrinsic value of JPY4,929.  
The setup shares several traits with the Mandom MBO, and has the potential for a bump, particularly if an activist emerges as a substantial shareholder or agitates for better terms.   


Paramount Bed Holdings (7817 JP): Another MBO Susceptible to Activism