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.

WSP/Arcadis: The Board Has Spoken — Now Watch the Shareholders

WSP Global/RPS Group: More Consolidation In Engineering Consultancy

Event-Driven

<ul>
<li>WSP's revised €51.50 proposal values Arcadis at only 9.6x NTM EBITDA, broadly in line with WSP's own trading multiple despite a 45.8% headline premium.</li>
<li>We estimate Arcadis' standalone value at approximately €47 per share and strategic value at around €54, reflecting achievable merger synergies without assuming a full peer rerating.</li>
<li>Our analysis supports a negotiated outcome around €54 per share. At current levels, we continue to see favourable risk/reward for event-driven investors.</li>
</ul>


WSP's revised €51.50 proposal values Arcadis at only 9.6x NTM EBITDA, broadly in line with WSP's own trading multiple despite a 45.8% headline premium.
We estimate Arcadis' standalone value at approximately €47 per share and strategic value at around €54, reflecting achievable merger synergies without assuming a full peer rerating.
Our analysis supports a negotiated outcome around €54 per share. At current levels, we continue to see favourable risk/reward for event-driven investors.


Arcadis NV

WSP/Arcadis: Building Towards €54