academy · special situations
Academy
How is the list card read?
Each number marks one line or figure of the card; below, what it shows and how it is read. The card is a schematic: it carries no deal's data.
1Line 1 · Identity of the repurchasing issuer
Shows the listed company that commits its balance sheet to buy back and cancel its shares: ticker, exchange and country, the family (07 Issuer tenders) and the days since the announcement.
2Line 2 · Company buying back
A company with strong free cash flow generation that concentrates value by shrinking the denominator, with its sector below.
3Line 3 · ASR structuring bank
Under the «Buyback / ASR» label, the institution that advances the shares and executes the daily purchases with a neutral algorithm over months, or the buyback vehicle itself in an issuer tender.
4Line 4 · Score and DRI
Two badges: the composite Score from 0 to 100, which is not the case page's RAAS and only appears once reliability reaches the minimum threshold, and the DRI, the deal reliability index.
5HERO metric: Spread
The gap between the market price and the price the issuer pays in its offer. Below it, the IRR; without a formal close date it is shown as pending. The percentage of capital retired and its effect on earnings per share are read in the case page.
6Spot price on the exchange
The market price, supported by the intermediary bank's mandatory daily buying flow. With no sourced value it shows N/D.
7Offer and cash generation
When the situation has a sourced offer price, it appears below the spot. The free cash flow that ensures the programme runs without excessive borrowing, and the fall to the unaffected price, are read in the case page.
8Floor: stage and final VWAP settlement
The footer shows the current stage and, when there is one, the close date (formal or estimated): in an ASR, the date on which the final average price is calculated and the bank delivers the last batch of cancelled shares.