EVENTS:   Best Equity Short Ideas Conference Call 12 - Zach Shannon/Corto Capital Advisors & Craig Huber/Huber Research Partners & Thomas Beevers /Forensic Alpha & Ed Steele/Iron Blue Financials & Bill Campbell/Paragon Intel - 12 Nov 25   Will AI Deflate the World? Macro Lessons from Three Industrial Revolutions and China - Manoj Pradhan/Talking Heads Macro - 13 Nov 25     ROADSHOWS: Forest Products Sector Equity and Commodity Research With Expertise in Distressed Debt - Kevin Mason /ERA Research   •   London   12 - 14 Nov 25       Buyside to Buyside Forum and Expert Calls across TMT, Consumer, Healthcare and Fintech - Andrew Peters /Revelare Partners   •   London   17 - 19 Nov 25       Fundamental US Healthcare Short Ideas - Dr Elliot Favus /Favus Institutional Research   •   London   17 - 19 Nov 25      

Fortnightly Publication Highlighting Latest Insights From IRF Providers

Company Research

Banco BPM (BAMI IM) Italy

Financials

Galliano's Financials Research

Credit Agricole acquires a 9% stake in the Italian bank sparking bid speculation - Victor Galliano believes a takeover is highly likely and expects it to be at a similar valuation to the Credito Valtellinese deal, which implies 40% upside potential for BPM's share price. The Italian bank remains one of Victor’s 2022 High Conviction Ideas; not only a modestly valued potential M&A target, but its valuations are also underpinned by improving fundamentals.

Edition: 133

- 14 April, 2022