European Event-Driven Analyst

Jesus Rodriguez Aguilar

Event-Driven

<ul>
<li>
Holdco dispersion remains extreme: Vivendi’s discount widened to ~45%, while Nordic holdcos trade near cycle tights, highlighting a sharp divergence between event-driven and quality-compounder structures.</li>
<li>
GBL execution contrasts with market inertia: Active simplification, cash generation and buybacks continue, yet the discount remains stubbornly wide — increasingly a function of sentiment rather than fundamentals.</li>
<li>
Vivendi reset restores asymmetry: Legal timing uncertainty flushed positioning, not value; with NAV intact and control unresolved, downside is limited while regulatory optionality remains substantial.</li>
</ul>



Holdco dispersion remains extreme: Vivendi’s discount widened to ~45%, while Nordic holdcos trade near cycle tights, highlighting a sharp divergence between event-driven and quality-compounder structures.

GBL execution contrasts with market inertia: Active simplification, cash generation and buybacks continue, yet the discount remains stubbornly wide — increasingly a function of sentiment rather than fundamentals.

Vivendi reset restores asymmetry: Legal timing uncertainty flushed positioning, not value; with NAV intact and control unresolved, downside is limited while regulatory optionality remains substantial.


Selected European HoldCos and DLC: December 2025 Report

Derivatives and Quantitative Strategist

Gaudenz Schneider

Equity Bottom-Up

<ul>
<li>
Context: This Insight follows up on previously highlighted relative value opportunities, using a statistical methodology based on mean-reversion to identify opportunities in paired securities.</li>
<li>
Highlights: Currently six pair trade opportunities across three markets and six sectors persist.</li>
<li>
Why read: Statistical analysis offers a unique perspective on relative value. Gain insights into actionable statistical pair trade opportunities and monitor performance of previously highlighted pairs.</li>
</ul>



Context: This Insight follows up on previously highlighted relative value opportunities, using a statistical methodology based on mean-reversion to identify opportunities in paired securities.

Highlights: Currently six pair trade opportunities across three markets and six sectors persist.

Why read: Statistical analysis offers a unique perspective on relative value. Gain insights into actionable statistical pair trade opportunities and monitor performance of previously highlighted pairs.


Relative Value Opportunities in Asia-Pac, Pair Trade Roundup (5 Jan '26)

<ul>
<li>
Context: This Insight follows up on previously highlighted relative value opportunities, using a statistical methodology based on mean-reversion to identify opportunities in paired securities.</li>
<li>
Highlights: Currently nine pair trade opportunities across three markets and seven sectors persist.</li>
<li>
Why read: Statistical analysis offers a unique perspective on relative value. Gain insights into actionable statistical pair trade opportunities and monitor performance of previously highlighted pairs.</li>
</ul>



Context: This Insight follows up on previously highlighted relative value opportunities, using a statistical methodology based on mean-reversion to identify opportunities in paired securities.

Highlights: Currently nine pair trade opportunities across three markets and seven sectors persist.

Why read: Statistical analysis offers a unique perspective on relative value. Gain insights into actionable statistical pair trade opportunities and monitor performance of previously highlighted pairs.


Relative Value Opportunities in Asia-Pac, Pair Trade Roundup (28 Dec)

<ul>
<li>
Context: This Insight follows up on previously highlighted relative value opportunities, using a statistical methodology based on mean-reversion to identify opportunities in paired securities.</li>
<li>
Highlights: Currently eleven pair trade opportunities across three markets and six sectors persist.</li>
<li>
Why read: Statistical analysis offers a unique perspective on relative value. Gain insights into actionable statistical pair trade opportunities and monitor performance of previously highlighted pairs.</li>
</ul>



Context: This Insight follows up on previously highlighted relative value opportunities, using a statistical methodology based on mean-reversion to identify opportunities in paired securities.

Highlights: Currently eleven pair trade opportunities across three markets and six sectors persist.

Why read: Statistical analysis offers a unique perspective on relative value. Gain insights into actionable statistical pair trade opportunities and monitor performance of previously highlighted pairs.


Relative Value Opportunities in Asia-Pac, Pair Trade Roundup (22 Dec)

<ul>
<li>
Context: This Insight follows up on previously highlighted relative value opportunities, using a statistical methodology based on mean-reversion to identify opportunities in paired securities.</li>
<li>
Opportunity: Currently eight pair trade opportunities across four markets and five sectors persist.</li>
<li>
Why read: Statistical analysis offers a unique perspective on relative value. Gain insights into actionable statistical pair trade opportunities and monitor performance of previously highlighted pairs.</li>
</ul>



Context: This Insight follows up on previously highlighted relative value opportunities, using a statistical methodology based on mean-reversion to identify opportunities in paired securities.

Opportunity: Currently eight pair trade opportunities across four markets and five sectors persist.

Why read: Statistical analysis offers a unique perspective on relative value. Gain insights into actionable statistical pair trade opportunities and monitor performance of previously highlighted pairs.


Relative Value Opportunities in Asia-Pac, Pair Trade Roundup (15 Dec)

United Kingdom

Rio Tinto is a leading British-Australian multinational mining and metals company that specializes in the exploration, mining, and processing of mineral resources. Its core products include iron ore, copper, aluminum, and lithium. The company was founded in 1873 and is headquartered in London, England.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
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Dividend (Yield)	0.00

Rio Tinto (RIO LN)

Selected European HoldCos and DLC: December 2025 Report

Holdco discounts have diverged: Nordics look fully priced, GBL is simplifying but ignored, and Vivendi’s legal reset has rebuilt deep optionality....

Jesus Rodriguez Aguilar

Relative Value Opportunities in Asia-Pac, Pair Trade Roundup (5 Jan '26)

Statistical methodology identifies six pair trade opportunities across three markets and six sectors, offering unique insights into relative value.

Gaudenz Schneider

Relative Value Opportunities in Asia-Pac, Pair Trade Roundup (28 Dec)

Statistical methodology identifies nine pair trade opportunities across three markets and seven sectors, offering unique insights into relative...

Gaudenz Schneider

Relative Value Opportunities in Asia-Pac, Pair Trade Roundup (22 Dec)

Statistical methodology identifies eleven pair trade opportunities across three markets and six sectors, offering unique insights into relative...

Gaudenz Schneider

Relative Value Opportunities in Asia-Pac, Pair Trade Roundup (15 Dec)

Discover statistical pair trade opportunities based on mean-reversion analysis in various markets and sectors, offering unique insights for...

Gaudenz Schneider

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Selected European HoldCos and DLC: December 2025 Report

Holdco discounts have diverged: Nordics look fully priced, GBL is simplifying but ignored, and Vivendi’s legal reset has rebuilt deep optionality....

Jesus Rodriguez Aguilar

Relative Value Opportunities in Asia-Pac, Pair Trade Roundup (5 Jan '26)

​Statistical methodology identifies six pair trade opportunities across three markets and six sectors, offering unique insights into relative value.

Gaudenz Schneider

Relative Value Opportunities in Asia-Pac, Pair Trade Roundup (28 Dec)

​Statistical methodology identifies nine pair trade opportunities across three markets and seven sectors, offering unique insights into relative...

Gaudenz Schneider

Relative Value Opportunities in Asia-Pac, Pair Trade Roundup (22 Dec)

​Statistical methodology identifies eleven pair trade opportunities across three markets and six sectors, offering unique insights into relative...

Gaudenz Schneider

Relative Value Opportunities in Asia-Pac, Pair Trade Roundup (15 Dec)

​Discover statistical pair trade opportunities based on mean-reversion analysis in various markets and sectors, offering unique insights for...

Gaudenz Schneider

Statistical methodology identifies six pair trade opportunities across three markets and six sectors, offering unique insights into relative value.

Statistical methodology identifies nine pair trade opportunities across three markets and seven sectors, offering unique insights into relative...

Statistical methodology identifies eleven pair trade opportunities across three markets and six sectors, offering unique insights into relative...

Discover statistical pair trade opportunities based on mean-reversion analysis in various markets and sectors, offering unique insights for...