European Event-Driven Analyst

Jesus Rodriguez Aguilar

Event-Driven

<ul>
<li>Since mid-November, spreads have generally widened across our European liquid universe of ordinary and preferred shares (9 have tightened, 10 widened).</li>
<li>Recommended trades long preferred / short ordinary shares: Media-for-Europe, Sixt, Volkswagen (still the most interesting situation).</li>
<li>Recommended trades long ordinary / short preferred shares: Fuchs, Henkel, SSAB Svenska Stal.</li>
</ul>


Since mid-November, spreads have generally widened across our European liquid universe of ordinary and preferred shares (9 have tightened, 10 widened).
Recommended trades long preferred / short ordinary shares: Media-for-Europe, Sixt, Volkswagen (still the most interesting situation).
Recommended trades long ordinary / short preferred shares: Fuchs, Henkel, SSAB Svenska Stal.


Liquid Universe of European Ordinary and Preferred Shares: December‘23 Report

<ul>
<li>Since mid-April, share price spreads have generally tightened across the European liquid universe of ordinary and preferred shares, with 10 tightening and 9 widening.</li>
<li>The premium of non-voting, less liquid Handelsbanken B shares vs. A is at irrational highs (54.2%); the discount of Grifols B has tightened (Brookfield is again knocking at the door). </li>
<li>Recommended trades long preferred/short ords: Atlas Copco, Grifols. Recommended trades long ordinary / short preferred shares: Henkel, SSAB Svenska Stal.</li>
</ul>


Since mid-April, share price spreads have generally tightened across the European liquid universe of ordinary and preferred shares, with 10 tightening and 9 widening.
The premium of non-voting, less liquid Handelsbanken B shares vs. A is at irrational highs (54.2%); the discount of Grifols B has tightened (Brookfield is again knocking at the door). 
Recommended trades long preferred/short ords: Atlas Copco, Grifols. Recommended trades long ordinary / short preferred shares: Henkel, SSAB Svenska Stal.


Liquid Universe of European Ordinary and Preferred Shares: May '25 Report

<ul>
<li>Since mid-March, amid sessions of significant volatility, share-price spreads have generally tightened across the European liquid universe of ordinary and preferred shares, with 10 tightening and 9 widening.</li>
<li>The discount of Grifols B has widened although Brookfield is again knocking at the door; Handelsbanken B shares trade at 48% premium to A shares. </li>
<li>Recommended trades long preferred/short ords: Atlas Copco, Grifols. Recommended trades long ordinary / short preferred shares: Henkel, SSAB Svenska Stal.</li>
</ul>


Since mid-March, amid sessions of significant volatility, share-price spreads have generally tightened across the European liquid universe of ordinary and preferred shares, with 10 tightening and 9 widening.
The discount of Grifols B has widened although Brookfield is again knocking at the door; Handelsbanken B shares trade at 48% premium to A shares. 
Recommended trades long preferred/short ords: Atlas Copco, Grifols. Recommended trades long ordinary / short preferred shares: Henkel, SSAB Svenska Stal.


Liquid Universe of European Ordinary and Preferred Shares: April '25 Report

<ul>
<li>Since mid-February, with sessions of massive volatility, share-price spreads have generally tightened across European liquid universe of ordinary and preferred shares (12 have tightened, 5 widened, 1 at same level).</li>
<li>Discont of Carlsberg B has never been this low (5.7%) since the pandemic; Handelsbanken B shares trade at 35.5% premium to A shares (after widening to 60.4%). </li>
<li>Recommended trades long preferred / short ordinary shares: Atlas Copco, BMW, Grifols, Media-for-Europe. Recommended trades long ordinary / short preferred shares: Henkel, SSAB Svenska Stal.</li>
</ul>


Since mid-February, with sessions of massive volatility, share-price spreads have generally tightened across European liquid universe of ordinary and preferred shares (12 have tightened, 5 widened, 1 at same level).
Discont of Carlsberg B has never been this low (5.7%) since the pandemic; Handelsbanken B shares trade at 35.5% premium to A shares (after widening to 60.4%). 
Recommended trades long preferred / short ordinary shares: Atlas Copco, BMW, Grifols, Media-for-Europe. Recommended trades long ordinary / short preferred shares: Henkel, SSAB Svenska Stal.


Liquid Universe of European Ordinary and Preferred Shares: March '25 Report

<ul>
<li>Since mid-January, share-price spreads have generally widened across European liquid universe of ordinary and preferred shares (11 have widened, 3 tightened, 4 at same level).</li>
<li>Telecom Italia savers sharply reduced their premium to ords to 12% (vs. 18.5%); Handelsbanken B shares trade at 39.9% premium to A shares.</li>
<li>Recommended trades long preferred / short ordinary shares: Atlas Copco, Grifols SA, Media-for-Europe. Recommended trades long ordinary / short preferred shares: Henkel, SSAB Svenska Stal, Telecom Italia.</li>
</ul>


Since mid-January, share-price spreads have generally widened across European liquid universe of ordinary and preferred shares (11 have widened, 3 tightened, 4 at same level).
Telecom Italia savers sharply reduced their premium to ords to 12% (vs. 18.5%); Handelsbanken B shares trade at 39.9% premium to A shares.
Recommended trades long preferred / short ordinary shares: Atlas Copco, Grifols SA, Media-for-Europe. Recommended trades long ordinary / short preferred shares: Henkel, SSAB Svenska Stal, Telecom Italia.


Liquid Universe of European Ordinary and Preferred Shares: February'25 Report

Denmark

Carlsberg A/S is an international brewing company. The Company produces branded beers and regional brands. Carlsberg makes most of its beer outside of Denmark, and it is sold in markets around the world. The Company also markets and produces soft drinks, water, and wine.

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Carlsberg A/S (CARLB DC)

Liquid Universe of European Ordinary and Preferred Shares: December‘23 Report

Since mid-November, spreads have generally widened across our European liquid universe of ordinary and preferred shares (9 have tightened, 10...

Jesus Rodriguez Aguilar

Liquid Universe of European Ordinary and Preferred Shares: May '25 Report

Since mid-April, share price spreads have generally tightened across the European liquid universe of ordinary and preferred shares, with 10...

Jesus Rodriguez Aguilar

Liquid Universe of European Ordinary and Preferred Shares: April '25 Report

Since mid-March, with sessions of massive volatility, share-price spreads have generally tightened across European liquid universe of ordinary and...

Jesus Rodriguez Aguilar

Liquid Universe of European Ordinary and Preferred Shares: March '25 Report

European share-price spreads have generally tightened since mid-February, with volatility; Carlsberg B discount at 5-year record low,...

Jesus Rodriguez Aguilar

Liquid Universe of European Ordinary and Preferred Shares: February'25 Report

Since mid-January, share-price spreads have generally widened across European liquid universe of ordinary and preferred shares (11 have widened, 3...

Jesus Rodriguez Aguilar

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Liquid Universe of European Ordinary and Preferred Shares: December‘23 Report

Since mid-November, spreads have generally widened across our European liquid universe of ordinary and preferred shares (9 have tightened, 10...

Jesus Rodriguez Aguilar

Liquid Universe of European Ordinary and Preferred Shares: May '25 Report

Since mid-April, share price spreads have generally tightened across the European liquid universe of ordinary and preferred shares, with 10...

Jesus Rodriguez Aguilar

Liquid Universe of European Ordinary and Preferred Shares: April '25 Report

Since mid-March, with sessions of massive volatility, share-price spreads have generally tightened across European liquid universe of ordinary and...

Jesus Rodriguez Aguilar

Liquid Universe of European Ordinary and Preferred Shares: March '25 Report

​European share-price spreads have generally tightened since mid-February, with volatility; Carlsberg B discount at 5-year record low,...

Jesus Rodriguez Aguilar

Liquid Universe of European Ordinary and Preferred Shares: February'25 Report

Since mid-January, share-price spreads have generally widened across European liquid universe of ordinary and preferred shares (11 have widened, 3...

Jesus Rodriguez Aguilar

European share-price spreads have generally tightened since mid-February, with volatility; Carlsberg B discount at 5-year record low,...