Selected European Holdcos and DLCs: March Report
Discounts to NAV for our selected European holdcos and DLCs have generally tightened in March. The report incorporates the results for GBL, and...
428 Views
Euskaltel - MasMóvil: Another Step in Spanish Telco Consolidation
The operation makes strategic sense. The offer price seems full and on EV/Fwd EBITDA basis compares favorable to recent European deals. Gross...
455 Views
Selected European Holdcos and DLCs: February Report
Discounts to NAV for European holdcos and DLCs have generally widened in February. The report incorporates some results, as well as several SOTPs.
412 Views
Selected European Holdcos and DLCs: January Report
Discounts to NAV for our selected European holdcos have widened in January, in line with equity markets drifting lower. General recommendation:...
451 Views
IFM Investors to Launch a Partial Hostile Tender Offer for Naturgy
Criteria Caixa must decide whether to tender. I recommend LONG NTGY SM (gross spread 3.7%). Failure to tender would mean keeping a share with...
585 Views