European Event-Driven Analyst

Jesus Rodriguez Aguilar

Event-Driven

Grupo Catalana Occidente Sa / Event-Driven

Grupo Catalana Occidente, S.A., through subsidiaries, offers insurance.  The Company offers life, accident, health, automobile, marine, freight, and fire insurance.

<ul>
<li>Inocsa secures ~98% of <a href="https://www.smartkarma.com/entities/grupo-catalana-occidente-sa" target="_blank" data-smartkarma-citation="entities:21272:1" rel="noopener">Grupo Catalana Occidente Sa (GCO SM)</a> after 94.27% acceptance, completing the take-private process and removing any remaining deal risk.</li>
<li>With Spain’s 90/90 thresholds exceeded, a squeeze-out at €49.75 is now available, leaving minimal optionality for remaining minorities.</li>
<li>GCO trades just below terms as liquidity evaporates; the spread has closed and the trade moves to passive cash settlement mid-December.</li>
</ul>


Inocsa secures ~98% of Grupo Catalana Occidente Sa (GCO SM) after 94.27% acceptance, completing the take-private process and removing any remaining deal risk.
With Spain’s 90/90 thresholds exceeded, a squeeze-out at €49.75 is now available, leaving minimal optionality for remaining minorities.
GCO trades just below terms as liquidity evaporates; the spread has closed and the trade moves to passive cash settlement mid-December.


Inocsa Secures 98% of Catalana Occidente; Squeeze-Out Now in Play

Independent Investment Research, The IDEA!

The IDEA!

Independent Investment Research

The Idea-Driven Equities Analyses company (the IDEA!) is an employee-owned boutique providing independent investment research and financial consultancy services with a clear focus on the Benelux countries. The company was founded in the summer of 2007 by Henk Slotboom and Maarten Verbeek, both with more than 35 years of professional experience in the financial sector. The IDEA! differentiates itself by focusing on adding value through self-initiated in-depth, idea-driven investment research, as well as by bespoke research assignments for institutional investors, hedge funds and private equity. In addition, we provide market intelligence, strategic research and – together with our business partners – consultancy services to businesses. In case you are interested in receiving more information, a sample of our products or an introductory meeting, please send a message to info@theidea.nl.

Thematic (Sector/Industry)

<ul>
<li>Ahold Delhaize | Carrefour firmly denies possible exit from Belgium Carrefour has firmly denied any intention to exit Belgium after media reports suggested its local operations were under review.</li>
<li>With roughly 700 stores, the company maintains one of the largest retail networks in the country.</li>
<li>However, its Belgian revenues - estimated at EUR 4.0–4.5bn - lag far behind peers that operate far fewer outlets. </li>
</ul>


Ahold Delhaize | Carrefour firmly denies possible exit from Belgium Carrefour has firmly denied any intention to exit Belgium after media reports suggested its local operations were under review.
With roughly 700 stores, the company maintains one of the largest retail networks in the country.
However, its Belgian revenues - estimated at EUR 4.0–4.5bn - lag far behind peers that operate far fewer outlets. 


External broker reports, Nordea

Nordea

External broker reports

External broker reports(aggregated public sources)

Nordea is the bank in the Nordics dedicated to serving corporations and institutional customers. Our offering includes a diverse range of financing, cash management and payment services, investment banking, capital markets products, securities services and more. Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Macroeconomics

<ul><li>CPIF inflationstood at 2.3% y/y andCPIF ex energyat 2.4% y/y in November.</li><li>We saw CPIF ex energy at 2.6% and the Riksbank at 2.5%.Energy priceswere higher than expected.</li><li>Thus, energy prices do not explain the low headline reading.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

CPIF inflationstood at 2.3% y/y andCPIF ex energyat 2.4% y/y in November.We saw CPIF ex energy at 2.6% and the Riksbank at 2.5%.Energy priceswere higher than expected.Thus, energy prices do not explain the low headline reading.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Swedish November flash inflation review: Below forecasts

Leading International Investment Research, Edison Investment Research

Edison Investment Research

Leading International 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.

Equity Bottom-Up

1Spatial Plc is a business and technology consultant. The Company provides advisory services and distributes software solutions in the corporate performance management market.

1Spatial has announced that it has won a new contract to deliver data transformation and integration (DT&I) solutions for the National Underground Asset Register (NUAR). The contract value of £4.2m over an initial two years with £1.5m licence revenue has improved economics versus the company’s previous engagement (signed in September 21) and 1Spatial is promoted to prime contractor for the DT&I element, whereas previously it was subcontractor to Atkins. We are not changing our estimates, but believe that this deal provides further evidence that 1Spatial now well embedded as a key supplier supporting the digitisation of the UK’s infrastructure.

1Spatial has announced that it has won a new contract to deliver data transformation and integration (DT&I) solutions for the National Underground Asset Register (NUAR). The contract value of £4.2m over an initial two years with £1.5m licence revenue has improved economics versus the company’s previous engagement (signed in September 21) and 1Spatial is promoted to prime contractor for the DT&I element, whereas previously it was subcontractor to Atkins. We are not changing our estimates, but believe that this deal provides further evidence that 1Spatial now well embedded as a key supplier supporting the digitisation of the UK’s infrastructure.

1Spatial — Extended agreement with NUAR

Smartkarma AI, Smartkarma

αSK

Smartkarma AI

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

Truecaller AB provides software solutions. The Company offers global platform for verifying contacts and blocking unwanted communication. Truecaller serves customers worldwide.

<ul>
 <li>Truecaller holds a dominant market position in caller ID and spam blocking, particularly in emerging markets, driven by a powerful network effect from its massive user base.</li>
 <li>The company exhibits a robust financial profile with strong revenue growth, high EBITDA margins, and consistent free cash flow generation, supporting shareholder returns through dividends and buybacks.</li>
 <li>Key risks include increasing competition from OS-level solutions by Google and Apple, and significant regulatory uncertainty, especially concerning data privacy laws like India's Digital Personal Data Protection (DPDP) Act.</li>
</ul>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.


  Truecaller holds a dominant market position in caller ID and spam blocking, particularly in emerging markets, driven by a powerful network effect from its massive user base.
  The company exhibits a robust financial profile with strong revenue growth, high EBITDA margins, and consistent free cash flow generation, supporting shareholder returns through dividends and buybacks.
  Key risks include increasing competition from OS-level solutions by Google and Apple, and significant regulatory uncertainty, especially concerning data privacy laws like India's Digital Personal Data Protection (DPDP) Act.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

Primer: Truecaller AB (TRUEB SS) - Dec 2025

Europe
Insights on Europe (EU)

Inocsa Secures 98% of Catalana Occidente; Squeeze-Out Now in Play

Inocsa now controls ~98% of Catalana Occidente after a 94% acceptance rate, enabling a squeeze-out at €49.75. Delisting is imminent and the...

Jesus Rodriguez Aguilar

What's New(s) in Amsterdam

Ahold Delhaize | Carrefour firmly denies possible exit from Belgium Carrefour has firmly denied any intention to exit Belgium after media reports...

The IDEA!

Swedish November flash inflation review: Below forecasts

CPIF inflationstood at 2.3% y/y andCPIF ex energyat 2.4% y/y in November. We saw CPIF ex energy at 2.6% and the Riksbank at 2.5%.Energy priceswere...

Nordea

1Spatial — Extended agreement with NUAR

1Spatial has announced that it has won a new contract to deliver data transformation and integration (DT&I) solutions for the National...

Edison Investment Research

Primer: Truecaller AB (TRUEB SS) - Dec 2025

Truecaller holds a dominant market position in caller ID and spam blocking, particularly in emerging markets, driven by a powerful network...

αSK