EMEA Special Situations Daily: Hexagon Octave Spin and TMC Conference

Daily commentary on EMEA special situations focusing on the Hexagon/Octave spin-off, Smiths Group's guidance update due to Middle East disruption, and the start of JPM's European TMC conference.

Key Takeaways

• 1.Hexagon AB (HEXAB SS) reaches the ex-date for its Octave spin-off, with when-issued trading beginning today; Octave is expected to trade at ~4x EV/sales (~$7B market cap).
• 2.Smiths Group (SMIN LN) lowered its FY26 organic revenue growth guidance to ~2% (down from 3-4%) citing Middle East conflict impacts, though margin guidance improved to slightly above 20%.
• 3.Syensqo (SYENS BB) has initiated a strategic review of its Performance & Care segment, a move that may surprise investors regarding the Technology Solutions portion.

Table of Contents

• Special Sits Today
• European TMC Conference - May 21 and 22
• News & Press
• JPM Research
• Spec Sits Calendar - May
• Special Sits Desk Notes and Call Replays
• J.P. Morgan Special Situations Contacts
• Disclaimers

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