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TAKE PROFITS Equals Group (EQLS)

Close Equals Group (EQLS) at market (137.5p)

Equals has been a strong performer in our portfolio, and with a recommended all-cash acquisition now agreed, we believe it’s the right time to lock in gains. The offer of 140p per share, including a 5p special dividend, values the business at approximately £283 million and represents a 51% return on our position. Given the premium to recent trading levels and the certainty of cash settlement, we see limited further upside from holding on.

The deal itself makes strategic sense, with the acquiring consortium looking to combine Equals with Railsr to create a significant embedded finance platform. While this could drive long-term value for the combined entity, as outside shareholders we won’t be participating in that next stage of growth. Instead, we’re opting to take the profits generated from Equals’ impressive execution in the B2B multi-currency payments space.

Profit/Loss = +51.1%

EQLS Daily Candle Chart