European Event-Driven Analyst

Jesus Rodriguez Aguilar

Event-Driven

<ul>
<li>Dual-Class spreads tightened in November, with convergence trades resurfacing as volatility falls and liquidity normalises.</li>
<li>MFE, Grifols and Henkel offer the cleanest A/B convergence setups into year-end.</li>
<li>Nordic anomalies persist: Handelsbanken’s extreme premium and SSAB’s micro-discount remain the strongest dispersion opportunities.</li>
</ul>


Dual-Class spreads tightened in November, with convergence trades resurfacing as volatility falls and liquidity normalises.
MFE, Grifols and Henkel offer the cleanest A/B convergence setups into year-end.
Nordic anomalies persist: Handelsbanken’s extreme premium and SSAB’s micro-discount remain the strongest dispersion opportunities.


Liquid Universe of European Ordinary and Preferred Shares: November'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

<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

Italy

Danieli & C. Officine Meccaniche S.p.A. is an Italian company specializing in the design, construction, and sale of plants and equipment for the iron and steel industry worldwide. The company offers solutions for various process areas, including pellet production, blast furnaces, steelworks, continuous casting, and rolling mills for long and flat products. Additionally, it provides plants for secondary processing and offers a range of own-brand technological products and services. Headquartered in Buttrio, Italy, the company was founded in 1914.

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Danieli (DAN IM)

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

Dual-class spreads tightened in November as liquidity improved. MFE, Grifols and Henkel lead convergence opportunities, while Nordic...

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

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

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

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

Dual-class spreads tightened in November as liquidity improved. MFE, Grifols and Henkel lead convergence opportunities, while Nordic...

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

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

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