Download PDF Introduction to SPAC deals A special purpose acquisition company (SPAC) is a company without any commercial operation that is formed to raise capital through an initial public offering to then merge with or acquire an existing private company. Generally, a SPAC is formed by an experienced management team Read more…
Download PDF Overview Among companies in the credit card industry, three names always stand out – Visa [NYSE: V], Mastercard [NYSE: MA] and American Express [NYSE: AXP]. However, that may soon change if the deal between Capital One and Discover Financial Services goes through. It was announced on 20th February Read more…
Download PDF Introduction Convertible bonds are a unique way of raising capital which allows investors to convert the security into a predefined number of shares of common stock given by the conversion ratio. Convertible bonds have a long history, dating back to the 19th century when American railway firms were Read more…
Download PDF Introduction: The TMT sector focuses on Technology, Media and Telecommunications and is oftentimes the leading fee generating business unit for Investment Banks worldwide. From regional boutiques to large household names like Goldman Sachs, deals are fought over what is seemingly the sector we interface with the most in Read more…
Download PDF Background The launch of OpenAI’s ChatGPT has brought the semiconductor industry under the spotlight, resulting in a year of particularly high hype from investors, with constant stock spikes and new technological standards. With generative AI software gaining popularity over the past year, chipmakers’ performance has begun to catch Read more…
Download PDF Pre-IPO history The legend goes that the idea for what would become a multibillion-dollar disruptive company originated when its co-founders, Garrett Camp and Travis Kalanick, could not manage to find a cab after attending a prestigious tech conference in Paris. Both already successful startup founders, they envisioned a Read more…
Download PDF Introduction and the state of the private equity industry The geopolitical and macroeconomic environment in 2022 and 2023 led to a sharp decline in the value and volume of private equity deals. Multiple causes contributed to this collapse, with inflation headwinds being a major one. Inflation, which stood Read more…
Download PDF Introduction As Bill Ackman – Founder and CEO of Pershing Square Capital Management [AMS: PSH] mentioned on an interview with David Rubenstein in November of last year, some people are simply born to be activist investors. Clearly, that begs the question: What are activist investors? The strategy refers Read more…
Download PDF Introduction Several factors, including high inflation, high interest rates, and overall uncertainty in the market, resulted in a decline in M&A activity in 2023. Despite the rough year, Q4 2023 and the first two months of 2024 have shown that deal activity is due for a comeback. One Read more…
Download PDF Introduction In a high interest rate environment, firms have to face new challenges to their capital structure and adapt to higher financing costs. Highly leveraged firms now confront more than substantial interest expenses and difficulties in refinancing. More borrowers now turn to private credit due to its additional Read more…
Download PDF Company Description Adevinta[OTCMKTS:ADEVF] operates numerous classified brands which together make up the largest European internet platform. The firm was created by the Nordic media conglomerate Schibsted, as a response to the rise of online platforms like StepStone, which had disrupted Schibsted’s original newspaper advertising business. Over time, Schibsted Read more…
Download PDF Introduction In November, amidst concerns of a slowdown in the Chinese economy, investors found a glimmer of hope with China’s new finance minister announcing increased budget spending to support the post-pandemic recovery. However, this optimism is now overshadowed by a significant challenge as Zhongzhi, a major player in Read more…
Download PDF Introduction Followed by decades of history Disney [DIS: NYSE] has been a company in the hearts of generations, therefore, we thought it deserved to be analysed further. In this first edition of our BSIC Equity Research reports we bring to you a detailed valuation highlighting key market events Read more…
Download PDF Introduction In the ever-evolving world of finance, the wealth management and private banking industries have been subject of change in the past decade, propelling such business units at the forefront of various institutions. In the aftermath of the great financial crisis these divisions played a pivotal role in Read more…
Download PDF Introduction Shareholders have traditionally focused on aligning top managers’ interests, neglecting the broader employee base. But things are changing, as we witness more and more private equity firms offer less skilled employees stock options plans (ESOPs) – a chance for them to own part of their company. Leading Read more…