Eurofins Fact Sheet March 2021
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Global Exchange Indices
Global Exchange Indices Country Exchange Index Argentina Buenos MERVAL, BURCAP Aires Stock Exchange Australia Australian S&P/ASX All Ordinaries, S&P/ASX Small Ordinaries, Stock S&P/ASX Small Resources, S&P/ASX Small Exchange Industriials, S&P/ASX 20, S&P/ASX 50, S&P/ASX MIDCAP 50, S&P/ASX MIDCAP 50 Resources, S&P/ASX MIDCAP 50 Industrials, S&P/ASX All Australian 50, S&P/ASX 100, S&P/ASX 100 Resources, S&P/ASX 100 Industrials, S&P/ASX 200, S&P/ASX All Australian 200, S&P/ASX 200 Industrials, S&P/ASX 200 Resources, S&P/ASX 300, S&P/ASX 300 Industrials, S&P/ASX 300 Resources Austria Vienna Stock ATX, ATX Five, ATX Prime, Austrian Traded Index, CECE Exchange Overall Index, CECExt Index, Chinese Traded Index, Czech Traded Index, Hungarian Traded Index, Immobilien ATX, New Europe Blue Chip Index, Polish Traded Index, Romanian Traded Index, Russian Depository Extended Index, Russian Depository Index, Russian Traded Index, SE Europe Traded Index, Serbian Traded Index, Vienna Dynamic Index, Weiner Boerse Index Belgium Euronext Belgium All Share, Belgium BEL20, Belgium Brussels Continuous, Belgium Mid Cap, Belgium Small Cap Brazil Sao Paulo IBOVESPA Stock Exchange Canada Toronto S&P/TSX Capped Equity Index, S&P/TSX Completion Stock Index, S&P/TSX Composite Index, S&P/TSX Equity 60 Exchange Index S&P/TSX 60 Index, S&P/TSX Equity Completion Index, S&P/TSX Equity SmallCap Index, S&P/TSX Global Gold Index, S&P/TSX Global Mining Index, S&P/TSX Income Trust Index, S&P/TSX Preferred Share Index, S&P/TSX SmallCap Index, S&P/TSX Composite GICS Sector Indexes -
Case Study: the Bayer-Monsanto Acquisition Deal
Case Study: The Bayer-Monsanto Acquisition Deal Student: Georgios Ritsos-Kokkinis (SNR:2013707, ANR:927674) Supervisor: Prof. Dr. Christoph Schneider Second reader: Prof. Dr. Olivier de Jonghe Tilburg, August 2020 Acknowledgements I would like to thank my supervisor Dr. Christoph Schneider, Assistant Professor at Tilburg University – Department of Finance, whose expertise and guidance were invaluable in soundly formulating all the relevant methodologies, and concisely structuring the output results. Your feedback pushed me to sharpen my thinking and brought my work to a higher level. I would also like to thank fellow scholar Thanos Vasiliadis, PhD candidate in Mathematics at Université côté d'Azur, Laboratoire Dieudonné, for his support, encouragement and constructive comments, which were instrumental to the completion of this dissertation. ABSTRACT The acquisition of Bayer-Monsanto was one of the largest M&A deals of the past decade. In this study, I document the motives of this transaction and the timeline of events that took place, from the initial rumors until Bayer’s milestone settlement of Monsanto’s “Roundup” litigation in mid-2020. Fundamental valuations of the two individual companies and their officially disclosed synergies reveal that the premium paid over Monsanto’s overvalued share price was not justified, as is commonly observed in the M&A ecosystem. Multiple approaches to the calculation of the discount factor reach the same conclusion. Averaging across multiple costs of capital, shows that the combined intrinsic value with synergy of roughly $177bn was some $2.12bn higher than the sum of parts, suggesting a rather profitable investment opportunity. However, Bayer, did overpay by 18.08% to reap these benefits. -
Are Retail Investors Less Aggressive on Small Price Stocks?
Are retail investors less aggressive on small price stocks? Carole M´etais∗ Tristan Rogery January 13, 2021 Abstract In this paper, we investigate whether number processing impacts the limit orders of retail investors. Building on existing literature in neuropsychology that shows that individuals do not process small numbers and large numbers in the same way, we study the influence of nominal stock price level on order aggressiveness. Using a unique database that allows us to identify order and trade records issued by retail investors on Euronext Paris, we show that retail investors, when posting non-marketable orders, are less aggressive on small price stocks than on large price stocks. This difference in order aggressiveness is not explained by differences in liquidity and other usual drivers of order aggressiveness. We provide additional evidence by showing that no such difference exists for limit orders of high frequency traders (HFTs) over the same period and the same sample of stocks. This finding confirms that our results are driven by a behavioral bias and not by differential market dynamics between small price stocks and large price stocks. ∗LaRGE Research Center, University of Strasbourg { Mailing address: 61 Avenue de la For^etNoire, 67000 Strasbourg FRANCE { Email: [email protected]. I acknowledge support from the French State through the National Agency for Research under the program Investissements d'Avenir ANR-11-EQPX- 006. yDRM Finance, Universit´eParis-Dauphine, PSL Research University { Mailing address: Place du Mar´echal de Lattre de Tassigny, 75775 Paris Cedex 16 FRANCE { Email: [email protected] 1 1 Introduction While conventional finance theory posits that nominal stock prices are irrelevant for firm valuation, a number of papers provide empirical evidence that nominal prices do impact investor behavior. -
Press Release Paris – June 21St, 2021
Press Release Paris – June 21st, 2021 Europcar Mobility Group rejoins Euronext SBF 120 index Europcar Mobility Group, a major player in mobility markets, is pleased to announce that it has re-entered into the SBF 120 and CAC Mid 60 indices, in accordance with the decision taken by the Euronext Index Steering Committee. This re-entry, which took place after market close on Friday 18 June 2021, is effective from Monday 21 June 2021. The SBF 120 is one of the flagship indices of the Paris Stock Exchange. It includes the first 120 stocks listed on Euronext Paris in terms of liquidity and market capitalization. The CAC Mid 60 index includes 60 companies of national and European importance. It represents the 60 largest French equities beyond the CAC 40 and the CAC Next 20. It includes the 60 most liquid stocks listed in Paris among the 200 first French capitalizations. This total of 120 companies compose the SBF 120. Caroline Parot, CEO of Europcar Mobility Group, said: “Europcar Mobility Group welcomes the re-integration of the SBF 120 and CAC Mid 60. This follows the successful closing of the Group’s financial restructuring during Q1 2021, which allowed the Group to open a new chapter in its history. Europcar Mobility Group re-entry into the SBF 120 and CAC Mid 60 is an important step for our Group and recognizes the fact that we are clearly "back in the game”, in a good position to take full advantage of the progressive recovery of the Travel and Leisure market. In that perspective, our teams are fully mobilized for summer of 2021, in order to meet the demand and expectations of customers who are more than ever eager to travel”. -
Paris, Le 26 Mars 2001
PR/14/12 Eutelsat Communications joins CAC Large 60 index from 19 March 2012 Paris, March 2, 2012 - Eutelsat Communications (Euronext Paris: ETL) will join the CAC Next 20 and CAC Large 60 indices of NYSE Euronext Paris after the trading session of Monday 19 March 2012, at which point it will be withdrawn from the CAC Mid 60 and CAC Mid & Small indices. Following this, Eutelsat Communications will be part of the following indices of NYSE Euronext Paris: - CAC Next 20 - CAC Large 60 - SBF 120 - CAC All Shares - CAC All-Tradable - CAC Consumer Serv. - CAC Media The decision of the Scientific Board of Euronext Indices of 1 March 2012 enables Eutelsat to increase its visibility in the French and international financial community. Financial calendar The financial calendar below is provided for information purposes only. It is subject to change and will be regularly updated. - May 10, 2012: financial report for third quarter ended March 31, 2012 - July 30, 2012: earnings for full year ended June 30, 2012 - October 25, 2012: financial report for first quarter ended September 30, 2012 - November 8, 2012: Annual General Shareholders Meeting About Eutelsat Communications Eutelsat Communications (Euronext Paris: ETL, ISIN code: FR0010221234) is the holding company of Eutelsat S.A.. With capacity commercialised on 28 satellites that provide coverage over the entire European continent, as well as the Middle East, Africa, India and significant parts of Asia and the Americas, Eutelsat is one of the world's three leading satellite operators in terms of revenues. As of 31 December 2011, Eutelsat’s satellites were broadcasting more than 4,150 television channels. -
Why Switzerland?
Why Switzerland? Marwan Naja, AS Investment Management January, 2010 I. Executive Summary Swiss Equities Have Outperformed: Here is a fact you probably did not know: The Swiss equity market has arguably been the best performing developed world market over the past 20, 10, 5 and 2 years. The SPI Index, which incorporates over 200 Swiss stocks, is the best performing index in Swiss Franc (“CHF”), US Dollars (“USD”), Euro (“EUR”) and British Pounds (“GBP”) over the past 20 years1,10 years, 5 years, and 2 years when compared to similar broad-based total return indices in the United States (S&P 500 Total Return), the United Kingdom (FTSE 350 Total Return), Germany (CDAX), France (SBF 120 Total Return) and Japan (TOPIX Total Return)2. For most of these periods the magnitude of the outperformance is significant. Furthermore, the Swiss market has exhibited attractive risk characteristics including lower volatility than comparable markets. Figure 1: SPI 20 Year Performance (red) Compared to Major Developed Indices in CHF3 1 The 20 year comparable excludes the EUR which has not existed for that duration and the French SBF 120 TR which was established in 1990 and has underperformed the SPI over the 19 year period. 2 The Swiss market is the best performer in our local currency comparison (stripping out the foreign exchange effects) over 20 years and marginally trails the FTSE 350 for the 10 year, 5 year and 2 year comparisons. 3 Source of all graphs is Bloomberg unless otherwise indicated. Why Switzerland? AS Investment Management Contents I. Executive Summary ............................................................................................................ 1 Swiss Equities Have Outperformed ................................................................................... -
Financial Market Data for R/Rmetrics
Financial Market Data for R/Rmetrics Diethelm Würtz Andrew Ellis Yohan Chalabi Rmetrics Association & Finance Online R/Rmetrics eBook Series R/Rmetrics eBooks is a series of electronic books and user guides aimed at students and practitioner who use R/Rmetrics to analyze financial markets. A Discussion of Time Series Objects for R in Finance (2009) Diethelm Würtz, Yohan Chalabi, Andrew Ellis R/Rmetrics Meielisalp 2009 Proceedings of the Meielisalp Workshop 2011 Editor Diethelm Würtz Basic R for Finance (2010), Diethelm Würtz, Yohan Chalabi, Longhow Lam, Andrew Ellis Chronological Objects with Rmetrics (2010), Diethelm Würtz, Yohan Chalabi, Andrew Ellis Portfolio Optimization with R/Rmetrics (2010), Diethelm Würtz, William Chen, Yohan Chalabi, Andrew Ellis Financial Market Data for R/Rmetrics (2010) Diethelm W?rtz, Andrew Ellis, Yohan Chalabi Indian Financial Market Data for R/Rmetrics (2010) Diethelm Würtz, Mahendra Mehta, Andrew Ellis, Yohan Chalabi Asian Option Pricing with R/Rmetrics (2010) Diethelm Würtz R/Rmetrics Singapore 2010 Proceedings of the Singapore Workshop 2010 Editors Diethelm Würtz, Mahendra Mehta, David Scott, Juri Hinz R/Rmetrics Meielisalp 2011 Proceedings of the Meielisalp Summer School and Workshop 2011 Editor Diethelm Würtz III tinn-R Editor (2010) José Cláudio Faria, Philippe Grosjean, Enio Galinkin Jelihovschi and Ri- cardo Pietrobon R/Rmetrics Meielisalp 2011 Proceedings of the Meielisalp Summer Scholl and Workshop 2011 Editor Diethelm Würtz R/Rmetrics Meielisalp 2012 Proceedings of the Meielisalp Summer Scholl and Workshop 2012 Editor Diethelm Würtz Topics in Empirical Finance with R and Rmetrics (2013), Patrick Hénaff FINANCIAL MARKET DATA FOR R/RMETRICS DIETHELM WÜRTZ ANDREW ELLIS YOHAN CHALABI RMETRICS ASSOCIATION &FINANCE ONLINE Series Editors: Prof. -
Final Report Amending ITS on Main Indices and Recognised Exchanges
Final Report Amendment to Commission Implementing Regulation (EU) 2016/1646 11 December 2019 | ESMA70-156-1535 Table of Contents 1 Executive Summary ....................................................................................................... 4 2 Introduction .................................................................................................................... 5 3 Main indices ................................................................................................................... 6 3.1 General approach ................................................................................................... 6 3.2 Analysis ................................................................................................................... 7 3.3 Conclusions............................................................................................................. 8 4 Recognised exchanges .................................................................................................. 9 4.1 General approach ................................................................................................... 9 4.2 Conclusions............................................................................................................. 9 4.2.1 Treatment of third-country exchanges .............................................................. 9 4.2.2 Impact of Brexit ...............................................................................................10 5 Annexes ........................................................................................................................12 -
Trends in the European Audit Market
Audit Analytics® Trends in the European Audit Market MAY 2019 A Review of the Audit Environment in Europe TableAbout Audit Analytics of .................................................................................................................................................................................Contents 1 Audit Analytics Europe ......................................................................................................................................................................... 1 Our Value .................................................................................................................................................................................................... 1 Our Mission ................................................................................................................................................................................................ 1 Data Collection ......................................................................................................................................................................................... 2 About this Report ......................................................................................................................................................................................... 3 Introduction .................................................................................................................................................................................................... 3 Market -
Execution Version
Execution Version GUARANTEED SENIOR SECURED NOTES PROGRAMME issued by GOLDMAN SACHS INTERNATIONAL in respect of which the payment and delivery obligations are guaranteed by THE GOLDMAN SACHS GROUP, INC. (the “PROGRAMME”) PRICING SUPPLEMENT DATED 23rd SEPTEMBER 2020 SERIES 2020-12 SENIOR SECURED EXTENDIBLE FIXED RATE NOTES (the “SERIES”) ISIN: XS2233188510 Common Code: 223318851 This document constitutes the Pricing Supplement of the above Series of Secured Notes (the “Secured Notes”) and must be read in conjunction with the Base Listing Particulars dated 25 September 2019, as supplemented from time to time (the “Base Prospectus”), and in particular, the Base Terms and Conditions of the Secured Notes, as set out therein. Full information on the Issuer, The Goldman Sachs Group. Inc. (the “Guarantor”), and the terms and conditions of the Secured Notes, is only available on the basis of the combination of this Pricing Supplement and the Base Listing Particulars as so supplemented. The Base Listing Particulars has been published at www.ise.ie and is available for viewing during normal business hours at the registered office of the Issuer, and copies may be obtained from the specified office of the listing agent in Ireland. The Issuer accepts responsibility for the information contained in this Pricing Supplement. To the best of the knowledge and belief of the Issuer and the Guarantor the information contained in the Base Listing Particulars, as completed by this Pricing Supplement in relation to the Series of Secured Notes referred to above, is true and accurate in all material respects and, in the context of the issue of this Series, there are no other material facts the omission of which would make any statement in such information misleading. -
ANNEX Stock Indices Meeting the Requirements of Article 344 Of
DRAFT ITS ON DIVERSIFIED INDICES UNDER ARTICLE 344(4) OF REGULATION (EU) 575/2013 ANNEX Stock indices meeting the requirements of Article 344 of Regulation (EU) No 575/2013 Index Country\Area 1. STOXX Asia/Pacific 600 Asia/Pacific 2. ASX100 Australia 3. ASX200 Australia 4. S&P All Ords Australia 5. ATX Austria 6. ATX Prime Austria 7. BEL20 Belgium 8. SaoPaulo - Bovespa Brazil 9. TSX60 Canada 10. CETOP20 Index Central Europe 11. CSI 100 Index China 12. CSI 300 Index China 13. FTSE China A50 Index China 14. Hang Seng Mainland 100 China China 15. PX Global Prague Czech Republic 16. OMX Copenhagen 20 CAP Denmark 17. OMX Copenhagen 25 Denmark 18. OMX Copenhagen Benchmark Denmark 19. FTSE RAFI Developed 1000 Developed Markets 20. CECE Composite Index EUR Eastern Europe 21. FTSE RAFI Emerging Markets Emerging Markets 22. MSCI Emerging Markets 50 Emerging Markets 23. Bloomberg European 500 Europe 24. DJ Euro STOXX 50 Europe 25. FTSE Euro 100 Europe 26. FTSE Eurofirst 100 Europe 27. FTSE Eurofirst 300 Europe 28. FTSE Eurofirst 80 Europe 29. FTSE EuroMid Europe 30. FTSE Eurotop 100 Europe 31. MSCI Euro Europe 32. MSCI Europe Europe 33. MSCI Pan-Euro Europe 34. NTX New Europe Blue Chip Europe 35. S&P Euro Europe 36. S&P Europe 350 Europe 1 DRAFT ITS ON DIVERSIFIED INDICES UNDER ARTICLE 344(4) OF REGULATION (EU) 575/2013 37. STOXX All Europe 100 Europe 38. STOXX All Europe 800 Europe 39. STOXX Europe 50 Europe 40. STOXX Europe 600 Europe 41. STOXX Europe 600 Equal Weight Europe 42. -
Yesterday Market Snapshot
26/11/2020 - EDHEC Student Finance Club Daily Newsletter Thursday, November 26th, 2020 Sign up form YESTERDAY MARKET SNAPSHOT Americas Bonds Rates ∆bps Dow jones 29 872.47 -0.58% U.S. 10Y 0.88 -0.01 S&P 500 3 629.65 -0.16% France 10Y -0.34 -0.01 Nasdaq 12 094.40 +0.47% U.K. 10Y 0.31 -0.02 Small Cap 2000 1 844.81 -0.47% Germany 10Y -0.57 -0.00 S&P/TSX 17 313.07 +0.22% Switzerland 10Y -0.47 -0.04 Japan 10Y 0.02 -0.00 Europe China 10Y 3.31 -0.09 CAC 40 5 571.29 +0.23% Australia 10Y 0.94 +0.01 DAX 13 289.80 -0.02% FTSE 100 6 391.09 -0.64% Commodities SMI 10 488.27 -0.03% Crude Oil WTI 45.71 +1.78% Euro Stoxx 50 3 511.90 +0.11% Brent oil 48.61 +1.57% Natural Gas 2.90 +4.36% Asia Gold 1 805.50 +0.05% Shanghai 3 369.73 +0.22% Silver 23.36 +0.27% KOSPI 2 625.91 +0.94% Copper 3.31 +0.30% Hang Seng 26 819.45 +0.56% Nikkei 225 26 537.31 +0.91% Forex $ per 1€ 1.19 +0.25% Pacific £ per 1€ 0.89 -4.21% S&P/ASX 200 6 636.40 -0.70% CHF per 1€ 1.08 +0.56% DJ New Zealand 385.91 -0.17% ¥ per 1€ 122.99 -4.21% Source: Investing, EDHEC Student Finance Club would like to remind you that the data contained in this website is not necessarily real- time nor accurate.