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UBS

September

Australia’s most powerful deal makers in 2024

If investors step up and hit the bid on those valuations, the market will see real momentum. If not, it will be the same painful conversation about dry powder next year.

  • Sarah Thompson, Kanika Sood and Emma Rapaport
Elmo Software named Joseph Lyons as its new chief executive in January.

Bain Capital preps first-round bid for K1’s Elmo Software

Street Talk understands sell-side adviser UBS is calling for first-round bids by early October.

  • Sarah Thompson, Kanika Sood and Emma Rapaport
MST Marquee analyst Brian Johnson said bank share prices were “stretched to the max”.

ASX winning streak faces CBA dividend reinvestment test

The “hyper-rally” in Commonwealth Bank shares that has helped the ASX smash its record high may come to an end thanks to a little-known force: its DRP.

  • Lucas Baird and Alex Gluyas
AirTrunk set all sorts of deal records when Macquarie, Blackstone and Robin Khuda finally signed the deal on Wednesday night.

Australia just had its hottest M&A week (and it’s only September)

Nearly $24 billion worth of Aussie M&A deals were announced between Monday and Thursday evening – the highest since Newmont’s $24.4 billion bid for Newcrest last year. 

  • Sarah Thompson, Kanika Sood and Emma Rapaport
China’s consumers are reluctant to spend, weighing on the economy.

Investment banks slash China growth forecasts as confidence wanes

Analysts are increasingly sceptical that Beijing will reach its 5 per cent economic growth target for 2024.

  • Thomas Hale
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August

Residential buildings in Shanghai, China.

China mulls $7.9 trillion in mortgage refinancing as economy stutters

The government plan would let homeowners switch banks for cheaper loans, as the property slump drags down consumer spending and household wealth.

  • K. Oanh Ha
ELMO’s co-founder Danny Lessem.

PE makeover! Elmo Software owner parades 10x EBITDA at sale kick-off

Elmo is being pitched with annual earnings of about $40 million, or 10-times the $4 million for the 2022 financial year before Accel-KKR put it in play.

  • Sarah Thompson, Kanika Sood and Emma Rapaport
Lithium carbonate prices collapsed 70 per cent in the 12 months through June.

Lithium mine closures just ‘tip of the iceberg’

UBS is the latest broker to slash its lithium forecasts, warning that more projects need to close or pause production to end the collapse in prices.

  • Alex Gluyas
Bunnings is making plans to launch its own retail media business.

Wesfarmers wants slice of retail media boom for Bunnings, Officeworks

The hardware and stationery giants have plans to enter the novel sector, joining Woolworths and Coles.

  • Carrie LaFrenz and Sam Buckingham-Jones
Going down? Jerome Powell looks set to cut rates in September.

An enormous error has overstated the US boom

Markets have been caught off guard by a drastic revision of non-farm payrolls, the worst miss since the Lehman crisis.

  • Ambrose Evans-Pritchard
Three PE firms re vying for WSG.

PE shootout looms at $1b-plus Waste Services Group; EQT joins the fray

The firm’s banker of choice, Azure’s Nick Combes, has advised on multiple changes in WSG’s ownership over the years.

  • Sarah Thompson, Kanika Sood and Emma Rapaport
Meat must be sliced thinly for dealmaking diners, to avoid cutlery noise.

More exclusive than any restaurant: how top deal makers dine

Investment banks and law firms have fostered a thriving in-house dining scene where they can break bread away from prying eyes.

  • Aaron Weinman
Mistakes were made: Orora chairman Rob Sindel.

Investment bankers (but not Barrenjoey) feast on Orora

This was a boring company, offering boring but profitable returns. And then, it went and blew its brains out.

  • Myriam Robin
The Saverglass factory in Arques. Orora spent $2.2 billion buying the French group last year.

Adviser gigs emerge on all sides of Orora melee

Citi, which assisted with a $1.35 billion equity raising last year for Orora, is on defence.

  • Sarah Thompson, Kanika Sood and Emma Rapaport
TPG Telecom boss Inaki Berroeta has dusted off talks with private capital backed rival Vocus Group.

Vocus revives $6.3b dream to buy TPG’s fibre network

But sources said discussions between the ASX-listed telecommunications group and its Macquarie and Aware Super-owned rival were at a very early stage.

  • Sarah Thompson, Kanika Sood and Emma Rapaport
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July

Bass Capital's Giles Borten 

UBS, Centuria Bass Credit team up for inaugural warehouse facility

The Swiss investment bank has put up an initial $100 million senior secured commitment as it increases its exposure to Australia’s non-bank real estate lending sector.

  • Sarah Thompson, Kanika Sood and Emma Rapaport
Livingbridge took the keys to Waste Services Group from The Riverside Company and The Silverfern Group in late 2021.

Bin way too long! Affinity Equity hires bank for Waste Services sale

You’d be forgiven for thinking Affinity has a leg-up in the UBS-run auction, given its ANZ boss’s history with the asset.

  • Sarah Thompson, Kanika Sood and Emma Rapaport
According to a UBS supermarkets survey of suppliers, trading through April to June favoured Coles over Woolworths, while Aldi gained the most market share.

Supplier survey suggests Coles has outperformed Woolworths all year

Ahead of financial updates from the major supermarkets next month, suppliers say Coles and Aldi are picking up market share over their rivals, small and large.

  • Carrie LaFrenz
Barrenjoy co-executive chairman Matthew Grounds.

Barrenjoey’s burrito bank is more like a trough

The investment bank’s research analysts are bullish on Guzman y Gomez. They also have an interest in its success.

  • Mark Di Stefano
Archegos Capital founder Bill Hwang leaving a New York court last week after being found guilty of criminal charges.

The Archegos Capital collapse shows nice bankers finish last

As Bill Hwang’s $50 billion family office went broke, the investment banks that tried to help came off worst, including UBS and Credit Suisse.

  • Aaron Patrick

Original URL: https://www.afr.com/company/ubs-group-ag-1mva