European Event-Driven Analyst

Jesus Rodriguez Aguilar

Event-Driven

<ul>
<li>Discounts to NAV of covered holdcos didn't follow a clear trend during February 2025. Discounts to NAV: C.F.Alba, 14.1% (vs. 12.9% as of 31 January 2025); GBL, 38.7% (vs. 40%);</li>
<li>Heineken Holding, 13% (vs. 13.2%); Industrivärden C, 5.1% (vs. 3.0%); Investor B, 2.3% (vs. 4.5%); Porsche Automobile Holding, 38.1% (vs. 36%). Rio DLC spread tightened to 17% (vs. 20.3%).</li>
<li>What seems interesting (unchanged views): Porsche SE vs. listed assets and the Rio DLC (long RIO LN/short RIO AU).</li>
</ul>


Discounts to NAV of covered holdcos didn't follow a clear trend during February 2025. Discounts to NAV: C.F.Alba, 14.1% (vs. 12.9% as of 31 January 2025); GBL, 38.7% (vs. 40%);
Heineken Holding, 13% (vs. 13.2%); Industrivärden C, 5.1% (vs. 3.0%); Investor B, 2.3% (vs. 4.5%); Porsche Automobile Holding, 38.1% (vs. 36%). Rio DLC spread tightened to 17% (vs. 20.3%).
What seems interesting (unchanged views): Porsche SE vs. listed assets and the Rio DLC (long RIO LN/short RIO AU).


Selected European HoldCos and DLC: February 2025 Report

<ul>
<li>Discounts to NAV of covered holdcos mainly tightened during January 2025. Discounts to NAV: C.F.Alba, 12.9% (vs. 11.8% as of 31 December 2024); GBL, 40% (vs. 40.9%);</li>
<li>Heineken Holding, 13.2% (vs. 15.8%); Industrivärden C, 3.0% (vs. 5.5%); Investor B, 4.5% (vs. 7.6%); Porsche Automobile Holding, 36% (vs. 32.2%). Rio DLC spread tightened to 20.3% (vs. 23%).</li>
<li>What seems interesting (unchanged views): Porsche SE vs. listed assets and the Rio DLC (long RIO LN/short RIO AU).</li>
</ul>


Discounts to NAV of covered holdcos mainly tightened during January 2025. Discounts to NAV: C.F.Alba, 12.9% (vs. 11.8% as of 31 December 2024); GBL, 40% (vs. 40.9%);
Heineken Holding, 13.2% (vs. 15.8%); Industrivärden C, 3.0% (vs. 5.5%); Investor B, 4.5% (vs. 7.6%); Porsche Automobile Holding, 36% (vs. 32.2%). Rio DLC spread tightened to 20.3% (vs. 23%).
What seems interesting (unchanged views): Porsche SE vs. listed assets and the Rio DLC (long RIO LN/short RIO AU).


Selected European HoldCos and DLC: January 2025 Report

<ul>
<li>Discounts to NAV of covered holdcos mainly tightened during 2024. Discounts to NAV: C.F.Alba, 11.8% (vs. 50.8% as of Y/E 2023); GBL, 40.9% (vs. 37.4%); Heineken Holding, 15.8% (vs. 16.7%);</li>
<li>Industrivärden C, 5.5% (vs. 5.5%); Investor B, 4.5% (vs. 12.8%); Porsche Automobile Holding, 32.2% (vs. 36.6%). Rio DLC spread tightened to 23% (vs. 24.2%).</li>
<li>What seems interesting (unchanged views): Porsche SE vs. listed assets and the Rio DLC (long RIO LN/short RIO AU).</li>
</ul>


Discounts to NAV of covered holdcos mainly tightened during 2024. Discounts to NAV: C.F.Alba, 11.8% (vs. 50.8% as of Y/E 2023); GBL, 40.9% (vs. 37.4%); Heineken Holding, 15.8% (vs. 16.7%);
Industrivärden C, 5.5% (vs. 5.5%); Investor B, 4.5% (vs. 12.8%); Porsche Automobile Holding, 32.2% (vs. 36.6%). Rio DLC spread tightened to 23% (vs. 24.2%).
What seems interesting (unchanged views): Porsche SE vs. listed assets and the Rio DLC (long RIO LN/short RIO AU).


Selected European HoldCos and DLC: 2024 Report

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Nec Networks & System Integr / Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/nec-networks-system-integr" target="_blank" data-smartkarma-citation="entities:16396:1" rel="noopener">Nec Networks (1973 JP)</a>'s own FA didn't include any measure of transaction synergies to be created about which NEC and NESIC were so sure. This is not being done right.</li>
<li>
<a href="https://www.smartkarma.com/entities/singapore-post-ltd" target="_blank" data-smartkarma-citation="entities:150:1" rel="noopener">Singapore Post (SPOST SP)</a>'s muted price action after announcing the ~S$900mn FMH sale is illustrative. But expect more value to be unlocked from divesting non-core ops going forward. </li>
<li>The FTC' blocking the giant grocery merger of <a href="https://www.smartkarma.com/entities/kroger-co" target="_blank" data-smartkarma-citation="entities:20824:1" rel="noopener">Kroger Co (KR US)</a> and <a href="https://www.smartkarma.com/entities/albertsons-cos-inc" target="_blank" data-smartkarma-citation="entities:33026:1" rel="noopener">Albertsons Cos (ACI US)</a> spells trouble for ACT and <a href="https://www.smartkarma.com/entities/seven-i-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:1041:1" rel="noopener">Seven &amp; I Holdings (3382 JP)</a>.</li>
</ul>



Nec Networks (1973 JP)'s own FA didn't include any measure of transaction synergies to be created about which NEC and NESIC were so sure. This is not being done right.

Singapore Post (SPOST SP)'s muted price action after announcing the ~S$900mn FMH sale is illustrative. But expect more value to be unlocked from divesting non-core ops going forward. 
The FTC' blocking the giant grocery merger of Kroger Co (KR US) and Albertsons Cos (ACI US) spells trouble for ACT and Seven &amp; I Holdings (3382 JP).


Last Week in Event SPACE: NEC Network, SingPost, Seven & I, CPMC, Exedy

Porsche Automobil Holding  / Event-Driven

<ul>
<li>Discounts to NAV of covered holdcos mainly widened during November. Discounts to NAV: C.F.Alba, 49.8% (vs. 48.7% as of 29 November); GBL, 40.6% (vs. 40.9%); Heineken Holding, 14.4% (vs. 14%); </li>
<li>Industrivärden C, 4.0% (vs. 2.4%); Investor B, 4.3% (vs. 2.8%); Porsche Automobile Holding, 29.8% (vs. 31.7%). Rio DLC spread tightened to 22.4% (vs. 22.5%).</li>
<li>What seems interesting (unchanged views): Porsche SE vs. listed assets and the Rio DLC (long RIO LN/short RIO AU).</li>
</ul>


Discounts to NAV of covered holdcos mainly widened during November. Discounts to NAV: C.F.Alba, 49.8% (vs. 48.7% as of 29 November); GBL, 40.6% (vs. 40.9%); Heineken Holding, 14.4% (vs. 14%); 
Industrivärden C, 4.0% (vs. 2.4%); Investor B, 4.3% (vs. 2.8%); Porsche Automobile Holding, 29.8% (vs. 31.7%). Rio DLC spread tightened to 22.4% (vs. 22.5%).
What seems interesting (unchanged views): Porsche SE vs. listed assets and the Rio DLC (long RIO LN/short RIO AU).


Selected European HoldCos and DLC: November'24 Report

Spain

Corporacion Financiera Alba, S.A. (Alba) is a holding company.  The Company holds interests in companies in the retail, media and new technologies, fixed-line and mobile telephone, Internet access, construction, and banking and financial services sectors in Spain.  The Company also owns and manages office and commercial space.

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Corp Financiera Alba Sa (ALB SM)

Selected European HoldCos and DLC: February 2025 Report

February 2025 saw varying discounts to NAV for covered holdcos, with some tightening and others widening, highlighting opportunities in Porsche SE...

Jesus Rodriguez Aguilar

Selected European HoldCos and DLC: January 2025 Report

Discounts to NAV of covered holdcos mainly tightened during January 2025. What seems interesting (unchanged views): Porsche SE vs. listed assets...

Jesus Rodriguez Aguilar

Selected European HoldCos and DLC: 2024 Report

Discounts to NAV of covered holdcos mainly tightened during 2024. What seems interesting (unchanged views): Porsche SE vs. listed assets and the...

Jesus Rodriguez Aguilar

Last Week in Event SPACE: NEC Network, SingPost, Seven & I, CPMC, Exedy

It’s Sunday! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed during the...

David Blennerhassett

Selected European HoldCos and DLC: November'24 Report

Discounts to NAV of covered European holdcos mainly widened during November. What seems interesting (unchanged views): Porsche SE vs. listed assets...

Jesus Rodriguez Aguilar

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Selected European HoldCos and DLC: February 2025 Report

​February 2025 saw varying discounts to NAV for covered holdcos, with some tightening and others widening, highlighting opportunities in Porsche SE...

Jesus Rodriguez Aguilar

Selected European HoldCos and DLC: January 2025 Report

Discounts to NAV of covered holdcos mainly tightened during January 2025. What seems interesting (unchanged views): Porsche SE vs. listed assets...

Jesus Rodriguez Aguilar

Selected European HoldCos and DLC: 2024 Report

Discounts to NAV of covered holdcos mainly tightened during 2024. What seems interesting (unchanged views): Porsche SE vs. listed assets and the...

Jesus Rodriguez Aguilar

Last Week in Event SPACE: NEC Network, SingPost, Seven & I, CPMC, Exedy

It’s Sunday! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed during the...

David Blennerhassett

Selected European HoldCos and DLC: November'24 Report

Discounts to NAV of covered European holdcos mainly widened during November. What seems interesting (unchanged views): Porsche SE vs. listed assets...

Jesus Rodriguez Aguilar

February 2025 saw varying discounts to NAV for covered holdcos, with some tightening and others widening, highlighting opportunities in Porsche SE...