Download as PDF Introduction Restructuring is the process of advising distressed companies (those in the midst of bankruptcy, or rapidly approaching it) in order to help them change their capital structure to get out of or avoid dissolution. This can be achieved by modifying their debt, operations or structure. Outcomes Read more…
Download as PDF Introduction Relative valuation is a widely spread approach among practitioners and is, broadly speaking, a double-check methodology, to back-test more sophisticated valuation techniques. Relative valuation relies on the main assumption that stock markets are on average efficient and fundamentals are correctly priced in. The aim of this Read more…
Download as PDF Morgan Stanley [MS:NYSE] – Market Cap as of 06/3/2020: $64.116bn E*Trade [ETFC:NASDAQ] – Market Cap as of 06/3/2020 $9.33bn Introduction On Feb 20th 2020, Morgan Stanley announced it was looking to buy E*Trade in a $13bn deal, all stock deal—the largest acquisition by a U.S. bank since Read more…
Download as PDF BSIC has brought you some of the most interesting deals over the last week, we hope you’ll enjoy! Elliot Management builds a 4% stake in Twitter Deal Value: $1bn | Deal Type: Shareholder Activism | Date: 01-Mar-2020 | Nationality: US | Sector: Technology Paul Singer has succeeded in building a stake in Twitter worth more Read more…
Download as PDF Franklin Templeton Investments [BEN] – Mkt Cap as of February 25th, 2020: $11.79bn Legg Mason [LM] – Mkt Cap as of February 25th, 2020: $4.35bn Introduction As Invesco’s chief executive Marty Flanagan correctly pointed out some months ago, the Asset Management industry is going through dramatic changes Read more…
Download as PDF European Integration As an introduction, we provide a brief overview of the pan-European regulation on which Financial Services is largely based and which helps explain the convergence and the subsequent attractiveness of the industry towards consolidation. Its objective is the further integration of European countries by the Read more…
Download as PDF The spiking diffusion of COVID-19 outside of China, particularly in South Korea, Italy and Iran, has negatively affected financial markets, among concerns about its impact on business activity: in the US, the Dow Jones Industrial Average, S&P 500 and Nasdaq Composite were all in correction territory this Read more…
Download as PDF BSIC has brought you some of the most interesting deals over the last week, we hope you’ll enjoy! Franklin Templeton acquires Legg Mason for 4.5bn Deal Value: $4.5bn |Deal Type: Acquisition | Date: 18-Feb-2020 | Nationality: US | Subsector: Finance Franklin Templeton, the US global investment firm Read more…
Download as PDF Introduction KKR, the massive American private equity (PE) fund, has agreed on the 10th of February, 2020, to sell the ultrafast German fiber internet business Deutsche Glasfaser in a €2.8bn deal to EQT and Omers, respectively a private equity firm and a Canadian pension fund. According to Read more…
Download as PDF Introduction Real interest rates have been fluctuating around 2% for safe and liquid asset for nearly a century before they entered a downwards trend in the last thirty years. This trend is most prevalent in advanced economies where the rate on 10-year government securities has been around Read more…
Worldline S.A. (WLN.PA) – market cap: 13.45bn EUR Ingenico Group GCS (ING.PA) – market cap: 8.54bn EUR Introduction On February 3rd, 2020, French payment giant Worldline has announced that it had reached an agreement to acquire Ingenico for €7.8bn in cash and shares, in a deal that would create the Read more…
Introduction Back in 2018, when critical discussions on Direct Listings were still ongoing, BSIC published an article, walking the reader through the main aspects of this innovative path to market. At that time, markets were still waiting for the upcoming Spotify direct listing, which was raising several doubts in terms Read more…
Welcome back from the winter break and happy 2020! Recent dominating headlines, such as the Australia bushfires and the Novel Coronavirus, have made many think the new year is off to a bad start. Has this negative sentiment also spread to the financial market? Despite the signs of the Read more…
Introduction – Disruption in the industry The 2010s were a decade of incredible innovation in the financial industry, putting an enormous amount of pressure on the incumbent players and forcing them to make drastic decisions to survive. The securities brokerage industry was hit particularly high, as modern and affordable challengers Read more…
LVMH Moet Hennessy Louis Vuitton SE(MC:FP) – market cap: 202.855B EUR Tiffany & Co. (NYSE) – market cap: 16.018 B USD Intro The 25th of November LVMH announced an all-cash deal to acquire Tiffany & Co for $16.6bn, including $400m of net debt. Hence, the control of the upmarket American Read more…