European Event-Driven Analyst

Jesus Rodriguez Aguilar

Event-Driven

<ul>
<li>Brookfield has renewed takeover interest in Grifols after a failed bid, signaling confidence in the company’s turnaround and prompting investor speculation about a significantly improved future offer.</li>
<li>Grifols’ financial position has strengthened with a 4.6x Net Debt/EBITDA, €504 million in free cash flow, and strategic refinancing, reducing the likelihood of a capital increase and supporting shareholder value.</li>
<li>Grifols B shares trade at a 21.6% discount to A shares, offering an attractive convergence opportunity, as bylaws mandate equal treatment in the event of a public acquisition offer.</li>
</ul>


Brookfield has renewed takeover interest in Grifols after a failed bid, signaling confidence in the company’s turnaround and prompting investor speculation about a significantly improved future offer.
Grifols’ financial position has strengthened with a 4.6x Net Debt/EBITDA, €504 million in free cash flow, and strategic refinancing, reducing the likelihood of a capital increase and supporting shareholder value.
Grifols B shares trade at a 21.6% discount to A shares, offering an attractive convergence opportunity, as bylaws mandate equal treatment in the event of a public acquisition offer.


Blood, Sweat, and Bids: Grifols Draws Renewed Interest from Brookfield

Index Rebal Trades & Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal Trades & Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

<ul>
<li>In this insight, we take a look at the names leading the race to become ADDs/DELs for the DAX, MDAX, and SDAX Indices for the September 2022 Rebalance.</li>
<li>While no names currently satisfy the requirements to move into or out of the DAX Index, there could be some changes for the MDAX and SDAX Index.</li>
<li>Below is a closer look at the recent price and volume performance of these names.</li>
</ul>


In this insight, we take a look at the names leading the race to become ADDs/DELs for the DAX, MDAX, and SDAX Indices for the September 2022 Rebalance.
While no names currently satisfy the requirements to move into or out of the DAX Index, there could be some changes for the MDAX and SDAX Index.
Below is a closer look at the recent price and volume performance of these names.


DAX/​MDAX/​SDAX Quiddity Leaderboard Sep 2022: Some Changes for SDAX and MDAX

<ul>
<li>There has not been a clear trend regarding premiums and discounts across our liquid universe since mid June. I highlight the widening discounts in Investor AB, Roche and Volkswagen.</li>
<li>Trade recommendations long ords / short prefs: Fuchs Petrolub, SSAB.
</li>
<li>Recommendations long prefs / short ords: Sixt, VW, MFE, Ericsson, Schroders.</li>
</ul>


There has not been a clear trend regarding premiums and discounts across our liquid universe since mid June. I highlight the widening discounts in Investor AB, Roche and Volkswagen.
Trade recommendations long ords / short prefs: Fuchs Petrolub, SSAB.

Recommendations long prefs / short ords: Sixt, VW, MFE, Ericsson, Schroders.


Liquid Universe of European Ordinary and Preferred Shares: July ‘22 Report

<ul>
<li>Discounts have generally widened across our liquid universe, in line with the recent market losses. </li>
<li>Recommendations long ords / short prefs: BMW, Fuchs Petrolub, Investor AB, SSAB.</li>
<li>Recommendations long prefs / short ords: Sixt, VW, Danieli, MFE, Grifols, Atlas Copco, Ericsson Handelsbanken, Roche, Schroders.</li>
</ul>


Discounts have generally widened across our liquid universe, in line with the recent market losses. 
Recommendations long ords / short prefs: BMW, Fuchs Petrolub, Investor AB, SSAB.
Recommendations long prefs / short ords: Sixt, VW, Danieli, MFE, Grifols, Atlas Copco, Ericsson Handelsbanken, Roche, Schroders.


Liquid Universe of European Ordinary and Preferred Shares: June ‘22 Report

<ul>
<li>Spreads have generally tightened across our liquid universe, in line with the recent market gains.</li>
<li>Recommendations long ords / short prefs: Fuchs Petrolub, Investor AB, SSAB.</li>
<li>Recommendations long prefs / short ords: Sixt, VW, Danieli, MFE, Grifols, Atlas Copco, Ericsson Handelsbanken, Roche, Schroders.</li>
</ul>


Spreads have generally tightened across our liquid universe, in line with the recent market gains.
Recommendations long ords / short prefs: Fuchs Petrolub, Investor AB, SSAB.
Recommendations long prefs / short ords: Sixt, VW, Danieli, MFE, Grifols, Atlas Copco, Ericsson Handelsbanken, Roche, Schroders.


Liquid Universe of European Ordinary and Preferred Shares: May '22 Report

Germany

Biotest AG is a provider of plasma proteins and biological drugs. The Company has specialized primarily in the areas of clinical immunology, haematology and intensive medicine with a focus on treating diseases of the immune and haematopoietic systems. Biotest AG has production operations mainly in Europe and the US, and sells its products worldwide.

Price Gauge
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Biotest AG (BIO GR)

Blood, Sweat, and Bids: Grifols Draws Renewed Interest from Brookfield

Brookfield's renewed interest in Grifols signals confidence in its turnaround, with strengthened financials and potential for improved future...

Jesus Rodriguez Aguilar

DAX/MDAX/SDAX Quiddity Leaderboard Sep 2022: Some Changes for SDAX and MDAX

Hochtief AG and Hella GmbH could move from SDAX to MDAX and Grand City Properties and Uniper SE could move from MDAX to SDAX. There could be 2...

Janaghan Jeyakumar, CFA

Liquid Universe of European Ordinary and Preferred Shares: July ‘22 Report

There has not been a clear trend regarding premiums and discounts across our liquid universe since mid June. I highlight the widening discounts in...

Jesus Rodriguez Aguilar

Liquid Universe of European Ordinary and Preferred Shares: June ‘22 Report

For the most part since mid-May, spreads were compressing, but inflation fears and rate rises have hit hard the stock markets in the last trading...

Jesus Rodriguez Aguilar

Liquid Universe of European Ordinary and Preferred Shares: May '22 Report

Spreads have generally tightened across our liquid universe, in line with the recent market gains. Schroders announced a share class unification.

Jesus Rodriguez Aguilar

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Blood, Sweat, and Bids: Grifols Draws Renewed Interest from Brookfield

​Brookfield's renewed interest in Grifols signals confidence in its turnaround, with strengthened financials and potential for improved future...

Jesus Rodriguez Aguilar

DAX/​MDAX/​SDAX Quiddity Leaderboard Sep 2022: Some Changes for SDAX and MDAX

Hochtief AG and Hella GmbH could move from SDAX to MDAX and Grand City Properties and Uniper SE could move from MDAX to SDAX. There could be 2...

Janaghan Jeyakumar, CFA

Liquid Universe of European Ordinary and Preferred Shares: July ‘22 Report

There has not been a clear trend regarding premiums and discounts across our liquid universe since mid June. I highlight the widening discounts in...

Jesus Rodriguez Aguilar

Liquid Universe of European Ordinary and Preferred Shares: June ‘22 Report

For the most part since mid-May, spreads were compressing, but inflation fears and rate rises have hit hard the stock markets in the last trading...

Jesus Rodriguez Aguilar

Liquid Universe of European Ordinary and Preferred Shares: May '22 Report

Spreads have generally tightened across our liquid universe, in line with the recent market gains. Schroders announced a share class unification.

Jesus Rodriguez Aguilar

Brookfield's renewed interest in Grifols signals confidence in its turnaround, with strengthened financials and potential for improved future...

DAX/MDAX/SDAX Quiddity Leaderboard Sep 2022: Some Changes for SDAX and MDAX