Edison Investment Research - ABC arbitrage SA (ABCA) ABC arbitrage - FY23 results in line with market conditions

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Edison Investment Research

Pedro Fonseca

ABC arbitrage - FY23 results in line with market conditions

ABC arbitrage group (ABCA) reported net income of €16.5m in FY23, 43% lower than FY22, but in line with market conditions. Financial markets in 2023 were characterised by lower volatility than in the previous three years, affecting ABCA’s volatility-based strategies. At the same time, mergers and acquisitions volume was 30% lower year-on-year, mostly due to higher borrowing costs, limiting acquisition arbitrage opportunities. In 2023, ABCA also had a temporary halt in its activities in digital assets following difficulties in the ecosystem. Looking ahead, ABCA maintains the ambitions laid out in its Springboard 2025 plan, and confirms its intention to pay a minimum dividend of €0.30 per annum, implying a yield of 7.8% on the current share price.

28/03/2024 1 EN

Underlying

ABC arbitrage SA

ABC Arbitrage is an investment consulting company and financial services provider that designs arbitrage strategies on European & U.S. financial markets. Co. provides holding company services, such as, communication, legal, labor relations & human resources management, & administrative. It also helps develop third-party asset management services. Co. conducts two types of arbitrage strategies: Arbitrages without market risks (Self-liquidating arbitrage strategies) and Arbitrages with market risks (Suspensive clause arbitrage strategies). In Arbitrages with market risks, the legally binding documentation governing suspensive clause arbitrage strategies does not guarantee convergence.

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FR0004040608 Euronext Paris France

Provider

Edison Investment Research

Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisors and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.

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Analysts

Pedro Fonseca

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ABC arbitrage - FY23 results in line with market conditions

ABC arbitrage : Mise à disposition du rapport financier annuel au 31 décembre 2023

ABC arbitrage - Termination of coverage

ABC arbitrage - droits de vote au 31mars 2024

AGBA - A transformational deal

Biodexa Pharmaceuticals - In a period of transition

Norcros - Sale of Johnson Tiles UK agreed

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