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.

Spire Heathcare: Spire Healthcare: Healthy Premium, Sick Multiple

Spire Healthcare: 250p, This Time With a Deal

Carlyle/Vectura Group: Expectations of a Sweetened Bid

Event-Driven

<ul>
<li>Strategic review has moved into an active, Rothschild-advised sponsor process, with credible private equity engagement following months of preparatory work.</li>
<li>Shares trade at mid-single-digit EV/EBITDA, materially below the ~11–12x multiples seen in prior sector take-privates and Spire’s own 2021 agreed offer.</li>
<li>Highly concentrated register (~80% held by top ten) supports negotiated price discovery in a Scheme, increasing relevance of mid-case outcomes over a low-premium bid.</li>
</ul>


Strategic review has moved into an active, Rothschild-advised sponsor process, with credible private equity engagement following months of preparatory work.
Shares trade at mid-single-digit EV/EBITDA, materially below the ~11–12x multiples seen in prior sector take-privates and Spire’s own 2021 agreed offer.
Highly concentrated register (~80% held by top ten) supports negotiated price discovery in a Scheme, increasing relevance of mid-case outcomes over a low-premium bid.


Spire Healthcare: Strategic Review Turns Live — Valuation Gap Vs Precedent Is Wide