Alternative investments will hit record $14 trillion AUM in 2023. What about PE?

Alternative investments will hit record $14 trillion AUM in 2023. What about PE? The popularity of the alternative investments space does not come as a novelty in a period in which investors increasingly seek to shy away from the less attractive returns of traditional asset classes. The news is however, that forecasts see the industryContinue reading “Alternative investments will hit record $14 trillion AUM in 2023. What about PE?”

Consolidation in the luxury industry: acquisition of Versace by Michael Kors

Authors: Alessandro Babbaro, Riccardo Lizzi Michael Kors Holdings Limited announced the acquisition of Versace for $2.12bn, on September 25th. Upon completion of the deal, which is expected to be during Q4 2019, the group will rebrand as Capri Holdings with combined annual revenues of $6bn. This deal follows the £896m acquisition of Jimmy Choo, datedContinue reading “Consolidation in the luxury industry: acquisition of Versace by Michael Kors”

Second act! Cinven & Bain launched their final tender offer on the remaining listed shares of Stada, a leading German-based drugmaker, finally valuing the business at over €6bn

By Ricardo Mühle, Felix Paul Schäfer and Massimiliano Marchisio Date October 1st 2018 Type of transaction Public delisting tender offer Valuation 15-15.5x LTM 2018 June EBITDA of c. €410m Bidder Cinven-Bain Capital consortium Target company (sector) Financials STADA AG, “STADA” (Medical – Pharmaceuticals) FY17 Rev. / EBITDA: €2.3bn / €0.4bn (17.4% margin) Advisors (first bid)Continue reading “Second act! Cinven & Bain launched their final tender offer on the remaining listed shares of Stada, a leading German-based drugmaker, finally valuing the business at over €6bn”

Our view on 2019

What’s up buddy? At the beginning of 2018, the VIX, an instrument which tracks the volatility of the S&P500, surged dramatically showing a comeback of fear among investors (Figure 1) following a period of extreme calm started after the financial crisis. Figure 1: Higher VIX since February 2018 Source: Bloomberg February’s spike in volatility ledContinue reading “Our view on 2019”

The Retaliation of Tech

Long we have been used to tech stocks trading at price multiples (price/earnings) at more than the industry standard has been comfortable with for decades. Benjamin Graham’s ideal PE is between 10 and 15 dollars. The Dow Industrial is trading at 25 PE, the S&P 500 is trading at 25 PE. If you thought thatContinue reading “The Retaliation of Tech”

2018 EU-US Outlook: Where do we come from? What are we? Where are we going?

As the first quarter of the year is headed to the end and new challenges lay ahead for international financial markets, frame the actual situation is necessary to adapt to future changes. 2017 has been a record year both in terms of returns and volatility. Looking at historic data, seems obvious the past year representsContinue reading “2018 EU-US Outlook: Where do we come from? What are we? Where are we going?”

The return of megadeals: Blackstone buys Thomson Reuters’ data unit for $17bn

On 30.01.2018, Blackstone announced to buy a majority stake in the data business of Thomson Reuters, the world’s second largest financial information provider. It’s the private equity group’s biggest purchase since the financial crisis, pitting the firepower and network of Stephen Schwarzman, who oversees $387bn in Blackstone funds, against fellow billionaire and former New YorkContinue reading “The return of megadeals: Blackstone buys Thomson Reuters’ data unit for $17bn”

Spotify goes public, not through an IPO

Spotify will go public before the end of the first half of 2018 and has already filed confidentially with U.S. regulators for an initial public offering. Morgan Stanley, Goldman Sachs and Allen & Co to advise on the listing, acting as commission brokers that will only help selling the shares. Spotify, the privately held SwedishContinue reading “Spotify goes public, not through an IPO”

Are We on the Verge of a Trade War?

Many of us have been asking ourselves this question after President Trump announced his intention to impose 25% and 10% tariffs on steel and aluminium imports, respectively. Trump’s announcement might be challenging the GATT (General Agreement on Tariffs and Trade) which despite evolving throughout time, have remained the WTO’s foundation since its establishment after WorldContinue reading “Are We on the Verge of a Trade War?”

Mifid II: what about the markets?

3rd of January 2018, while the markets started well their year and were keeping a bullish direction before the recent increase in volatility, something else started. Yes, it’s the new European Union Markets in Financial Instruments Directive known also as MiFID II. Most people talked a lot about it during the last quarter of 2017Continue reading “Mifid II: what about the markets?”