European Event-Driven Analyst

Jesus Rodriguez Aguilar

Event-Driven

<ul>
<li>Across Europe’s dual-class names, spreads mostly tightened: Atlas Copco B-to-A 10.8%, BMW prefs 7.2%, Volvo at par; notable wideners include Carlsberg B at 19.5% discount and SSAB B at 2.6%.</li>
<li>Drivers include index inclusion, liquidity and control: Volkswagen prefs gain from flows and €0.06 dividend uplift; Telecom Italia savings widen on arrears prospects; Handelsbanken and Fuchs maintain puzzling elevated premiums.</li>
<li>Actionables: long MFE A versus B as ProSieben settlement lifts liquidity; Grifols B versus A on deleveraging; Henkel ords versus prefs; Volkswagen prefs versus ords; monitor Ericsson, Investor, Industrivärden parity.</li>
</ul>


Across Europe’s dual-class names, spreads mostly tightened: Atlas Copco B-to-A 10.8%, BMW prefs 7.2%, Volvo at par; notable wideners include Carlsberg B at 19.5% discount and SSAB B at 2.6%.
Drivers include index inclusion, liquidity and control: Volkswagen prefs gain from flows and €0.06 dividend uplift; Telecom Italia savings widen on arrears prospects; Handelsbanken and Fuchs maintain puzzling elevated premiums.
Actionables: long MFE A versus B as ProSieben settlement lifts liquidity; Grifols B versus A on deleveraging; Henkel ords versus prefs; Volkswagen prefs versus ords; monitor Ericsson, Investor, Industrivärden parity.


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

<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>MFE: A versus B discount widened to 32.2%. ProSiebenSat.1 tender issues new A shares, lifting A voting share from 12.64% toward ~19% at full take-up, supporting medium-term convergence.</li>
<li>Handelsbanken: B shares trade at a 62% premium despite far lower votes (ratio 55.17) and liquidity; history suggests mean reversion—bias long A / short B.</li>
<li>Telecom Italia: savings premium 11.4%. Three years of unpaid €0.0275 dividends (€0.0825 arrears). Payouts guided from 2026; Poste Italiane now largest shareholder, reinforcing governance stability.</li>
</ul>


MFE: A versus B discount widened to 32.2%. ProSiebenSat.1 tender issues new A shares, lifting A voting share from 12.64% toward ~19% at full take-up, supporting medium-term convergence.
Handelsbanken: B shares trade at a 62% premium despite far lower votes (ratio 55.17) and liquidity; history suggests mean reversion—bias long A / short B.
Telecom Italia: savings premium 11.4%. Three years of unpaid €0.0275 dividends (€0.0825 arrears). Payouts guided from 2026; Poste Italiane now largest shareholder, reinforcing governance stability.


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

<ul>
<li>Since mid-June, share price spreads have generally widened across the European liquid universe of ordinary and preferred shares, with 6 tightening and 13 widening.</li>
<li>The premium of non-voting, less liquid Handelsbanken B shares vs. A has widened to 59.2%; the discount of Grifols B has widened (Brookfield’s approach remains tentative and non-committal).</li>
<li>Recommended trades long preferred/short ords: Atlas Copco, BMW, Grifols, MFE Media-for-Europe. Recommended trades long ordinary / short preferred shares: Handelsbanken, Henkel.</li>
</ul>


Since mid-June, share price spreads have generally widened across the European liquid universe of ordinary and preferred shares, with 6 tightening and 13 widening.
The premium of non-voting, less liquid Handelsbanken B shares vs. A has widened to 59.2%; the discount of Grifols B has widened (Brookfield’s approach remains tentative and non-committal).
Recommended trades long preferred/short ords: Atlas Copco, BMW, Grifols, MFE Media-for-Europe. Recommended trades long ordinary / short preferred shares: Handelsbanken, Henkel.


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

<ul>
<li>Since mid-May, 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 has tightened to 50.8%; the discount of Grifols B has widened (Brookfield’s approach remains tentative and non-committal.). </li>
<li>Recommended trades long preferred/short ords: Atlas Copco, Grifols, MFE Media-for-Europe. Recommended trades long ordinary / short preferred shares: Handelsbanken, Henkel, SSAB Svenska Stal.</li>
</ul>


Since mid-May, 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 has tightened to 50.8%; the discount of Grifols B has widened (Brookfield’s approach remains tentative and non-committal.). 
Recommended trades long preferred/short ords: Atlas Copco, Grifols, MFE Media-for-Europe. Recommended trades long ordinary / short preferred shares: Handelsbanken, Henkel, SSAB Svenska Stal.


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

This month’s color: MFE A/B narrows on ProSieben; VW prefs outpace ords; Atlas Copco & BMW tighten; Carlsberg B and SSAB B widen; TIM savings bid...

Jesus Rodriguez Aguilar

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: August '25 Report

Across Europe’s liquid dual-class universe, share-price spreads have mainly tightened. Convergence plays: MFE A/B as A votes rise; TIM savings...

Jesus Rodriguez Aguilar

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

Since mid-June, share price spreads have generally widened across the European liquid universe of ordinary and preferred shares, with 6 tightening...

Jesus Rodriguez Aguilar

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

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

Jesus Rodriguez Aguilar

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)