@absreturnchaser

Event-driven / Special Situations PM For informational purposes only. Not investment advice or a recommendation to buy or sell any security. Views are my own.

Joined June 2022
  • Tweets48
  • Following240
  • Followers5.3K
Decent volume in the last week for Alfa Financial Software #ALFA $ALFA In our view one of the top takeover targets in European tech / software. Low valuation that has halved from last takeover approaches. 40% upside potentially from here.
absreturnchaser@absreturnchaserOct 12
Interesting takeover idea from podcast: Alfa Financial Software #ALFA $ALFA had takeover approaches from EQT and Thomas Lee, by now EBITDA multiple has more than halved despite the business performing since. reuters.com/markets/deals/uk…

UK's Alfa Financial discloses $773 million buyout offer from EQT

UK's Alfa Financial Software said on Friday it had received a number of unsolicited buyout proposals from investment firm EQT, with the latest offer at 208 pence in cash, valuing the company at 614.6...

reuters.com
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Parmenion has grown AuM and top line materially in the past years. #RVRB $RVRB River Global stock could see a 30-35% jump once Parmenion is sold.
David Ricketts@davidrickettsSep 30
fnlondon.com/articles/parmen… via @FinancialNews

Parmenion kick-starts sales process a year after appointing Evercore

Parmenion kick-starts sales process a year after appointing Evercore

fnlondon.com
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absreturnchaser retweeted
absreturnchaser@absreturnchaserOct 12
Interesting takeover idea from podcast: Alfa Financial Software #ALFA $ALFA had takeover approaches from EQT and Thomas Lee, by now EBITDA multiple has more than halved despite the business performing since. reuters.com/markets/deals/uk…

UK's Alfa Financial discloses $773 million buyout offer from EQT

UK's Alfa Financial Software said on Friday it had received a number of unsolicited buyout proposals from investment firm EQT, with the latest offer at 208 pence in cash, valuing the company at 614.6...

reuters.com
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absreturnchaser retweeted
absreturnchaser@absreturnchaserOct 15
Sale process of #NESF launched in summer. Deal imo would be at higher NAV discount than Drax’s takeover and may include the divi. Even accounting for current yields, 60p should be achievable. $NESF
absreturnchaser@absreturnchaserOct 12
Potential takeover: #NESF NextEnergy Solar Fund trading on 35% discount to NAV running sale process. Reasonable 30% upside imo from here, could hear about bids soon. $NESF
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absreturnchaser@absreturnchaserOct 15
EKF #EKF with some potential. Could be easy money for PE or a strategic.
absreturnchaser@absreturnchaserOct 14
Next takeover target and only in Europe: diagnostics group focused on testing and contract manufacturing with much of revenue coming from recurring consumables. 53% gross margin EBITDA margins of 25%. Net cash, trading on 6x 2027 EBITDA.
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Don't follow the $BYG #BYG activist case at all, looks lazy. In current yield environment linked with occupancy rates any seller in the industry won't get a great price.
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EKF #EKF with some potential. Could be easy money for PE or a strategic.
absreturnchaser@absreturnchaserOct 14
Next takeover target and only in Europe: diagnostics group focused on testing and contract manufacturing with much of revenue coming from recurring consumables. 53% gross margin EBITDA margins of 25%. Net cash, trading on 6x 2027 EBITDA.
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Sale process of #NESF launched in summer. Deal imo would be at higher NAV discount than Drax’s takeover and may include the divi. Even accounting for current yields, 60p should be achievable. $NESF
absreturnchaser@absreturnchaserOct 12
Potential takeover: #NESF NextEnergy Solar Fund trading on 35% discount to NAV running sale process. Reasonable 30% upside imo from here, could hear about bids soon. $NESF
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absreturnchaser retweeted
absreturnchaser@absreturnchaserOct 14
Next takeover target and only in Europe: diagnostics group focused on testing and contract manufacturing with much of revenue coming from recurring consumables. 53% gross margin EBITDA margins of 25%. Net cash, trading on 6x 2027 EBITDA.
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Next takeover target and only in Europe: diagnostics group focused on testing and contract manufacturing with much of revenue coming from recurring consumables. 53% gross margin EBITDA margins of 25%. Net cash, trading on 6x 2027 EBITDA.
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absreturnchaser retweeted
absreturnchaser@absreturnchaserOct 12
Potential takeover: #NESF NextEnergy Solar Fund trading on 35% discount to NAV running sale process. Reasonable 30% upside imo from here, could hear about bids soon. $NESF
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Interesting takeover idea from podcast: Alfa Financial Software #ALFA $ALFA had takeover approaches from EQT and Thomas Lee, by now EBITDA multiple has more than halved despite the business performing since. reuters.com/markets/deals/uk…

UK's Alfa Financial discloses $773 million buyout offer from EQT

UK's Alfa Financial Software said on Friday it had received a number of unsolicited buyout proposals from investment firm EQT, with the latest offer at 208 pence in cash, valuing the company at 614.6...

reuters.com
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4,149
Potential takeover: #NESF NextEnergy Solar Fund trading on 35% discount to NAV running sale process. Reasonable 30% upside imo from here, could hear about bids soon. $NESF
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absreturnchaser retweeted
absreturnchaser@absreturnchaserOct 10
As an event-driven PM (not much arb) I have not yet had the eureka moment with AI. Nuances move probabilities and that’s where LLMs are really off to this day. Any event-driven PMs using AI in certain ways and find it useful?
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As an event-driven PM (not much arb) I have not yet had the eureka moment with AI. Nuances move probabilities and that’s where LLMs are really off to this day. Any event-driven PMs using AI in certain ways and find it useful?
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absreturnchaser retweeted
absreturnchaser@absreturnchaserApr 27
Any traders from Jane Street on here? DM me.
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absreturnchaser@absreturnchaserAug 26
Latest takeover target: Blackline Inc $BL. Summary: - $SAP tried to buy them for $66 per share, offer was declined. Stock at $31 now... - SAP is largest customer, plenty of synergies - April board refresh added two activist-backed directors to the Strategic Committee
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Latest takeover target: Blackline Inc $BL. Summary: - $SAP tried to buy them for $66 per share, offer was declined. Stock at $31 now... - SAP is largest customer, plenty of synergies - April board refresh added two activist-backed directors to the Strategic Committee
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- Charter includes valuating strategic alternatives - Founder recently stepped down from day-to-day management Imo high premium deal option at this stage.
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Spoke to an Executive at a large Asset Manager, he wanted to see how they can "learn" from hedge funds and "best practices". My points to him: 1. Launch fee accretive strategies, times of simply growing AuM at any fee is done imo, melting ice cube, imo zero edge today
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2. Downsize and focus on net P&L per PM 3. Launch alternative strategies, where you can have an edge, do not launch another MM. Focus on higher vol, slightly directional and non-pod strats 4. Hire people who actually understand launching strategies and hiring PMs
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5. Get good PMs on board, and yes, you have to pay them in line what HFs pay 6. Culture has to be performance-based, don't have a mid-office stuck in the 90s
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