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

Weekly Deals Digest (26 Apr) - Xizhi (Lightelligence), Metis TechBio, Makino, Emmerson, Qoria, Qube

Merger Arb Mondays (27 Apr) - Makino, Skyworth, ENN, Changhong Jiahua, Qoria, Qube, Emmerson

Qoria (QOR AU): In a Bind as IE Opines that the Offer Is NOT Fair but Reasonable

Qoria (QOR AU): Takeaways from Aura’s Results

Qoria (QOR AU): Risk/Reward in the Aftermath of SaaStrophe

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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

<ul>
<li>
<a href="https://www.smartkarma.com/entities/qoria-ltd" target="_blank" data-smartkarma-citation="entities:30531:1" rel="noopener">Qoria (QOR AU)</a>’s update on its merger with Aura outlined a US$25 million increase in the MergerCo placement, but a lower placement price (A$0.72 to A$0.40 per QOR share).</li>
<li>The justification for the revised terms does not stand up to scrutiny. It was likely required to cover Qoria’s increasing cash burn and step back from the frothy A$0.72 valuation.</li>
<li>The revised terms raise red flags, particularly on MergerCo’s cash flow and valuation. However, the risk/reward profile remains favourable, with an updated implied QOR’s fair value of A$0.37.</li>
</ul>



Qoria (QOR AU)’s update on its merger with Aura outlined a US$25 million increase in the MergerCo placement, but a lower placement price (A$0.72 to A$0.40 per QOR share).
The justification for the revised terms does not stand up to scrutiny. It was likely required to cover Qoria’s increasing cash burn and step back from the frothy A$0.72 valuation.
The revised terms raise red flags, particularly on MergerCo’s cash flow and valuation. However, the risk/reward profile remains favourable, with an updated implied QOR’s fair value of A$0.37.


Qoria (QOR AU): Tread Carefully Despite a Favourable Risk/Reward Profile