European Event-Driven Analyst

Jesus Rodriguez Aguilar

Event-Driven

<ul>
<li>The discounts to NAV of covered holdcos have not shown a clear pattern during August, some widened while others tightened. Discounts to NAV: C.F.Alba, 46.6% (vs. 47.5%); GBL, 36.2% (vs. 39.1%); </li>
<li>Heineken Holding, 17.9% (vs.16.4%);  Industrivärden C, 7.8% (vs. 6.6%); Investor B, 16.6% (vs. 15%); Porsche Automobile Holding, 41.5% (vs. 43.8%). The spread of Rio Tinto DLC tightened to 17.8% (vs. 19%).</li>
<li>What seems interesting: holding trades, Investor B vs. listed assets, Porsche SE/vs. listed assets and the Rio DLC, long RIO LN/short RIO AU.</li>
</ul>


The discounts to NAV of covered holdcos have not shown a clear pattern during August, some widened while others tightened. Discounts to NAV: C.F.Alba, 46.6% (vs. 47.5%); GBL, 36.2% (vs. 39.1%); 
Heineken Holding, 17.9% (vs.16.4%);  Industrivärden C, 7.8% (vs. 6.6%); Investor B, 16.6% (vs. 15%); Porsche Automobile Holding, 41.5% (vs. 43.8%). The spread of Rio Tinto DLC tightened to 17.8% (vs. 19%).
What seems interesting: holding trades, Investor B vs. listed assets, Porsche SE/vs. listed assets and the Rio DLC, long RIO LN/short RIO AU.


Selected European HoldCos and DLC: August’23 Report

<ul>
<li>Discounts to NAV of covered holdcos have generally widened during July. Discounts to NAV: C.F.Alba, 47.5%; GBL, 39.1%; Heineken Holding, 16.4%; Industrivärden C, 6.6%; Investor B, 15%; Porsche Automobile Holding, 43.8%.</li>
<li>The spread of Rio Tinto DLC tightened to 19%. Rio Tinto is a candidate for an Australian top hat structure.</li>
<li>Interesting situations: Heineken Holding/Heineken, Porsche SE/vs. listed assets and Rio DLC.</li>
</ul>


Discounts to NAV of covered holdcos have generally widened during July. Discounts to NAV: C.F.Alba, 47.5%; GBL, 39.1%; Heineken Holding, 16.4%; Industrivärden C, 6.6%; Investor B, 15%; Porsche Automobile Holding, 43.8%.
The spread of Rio Tinto DLC tightened to 19%. Rio Tinto is a candidate for an Australian top hat structure.
Interesting situations: Heineken Holding/Heineken, Porsche SE/vs. listed assets and Rio DLC.


Selected European HoldCos and DLC: July’23 Report

<ul>
<li>Discounts to NAV of covered holdcos have generally widened during June. Discounts to NAV: C.F.Alba, 47%; GBL, 40.1%; Heineken Holding, 16.1%; Industrivärden C, 7%; Investor B, 11.7%; Porsche Automobile Holding, 47.3%. </li>
<li>The spread of Rio Tinto DLC widened to 19%. Rio Tinto is a candidate for an Australian top hat structure.</li>
<li>Of interest: Heineken Holding/Heineken, Porsche SE/vs. listed assets and Rio DLC.</li>
</ul>


Discounts to NAV of covered holdcos have generally widened during June. Discounts to NAV: C.F.Alba, 47%; GBL, 40.1%; Heineken Holding, 16.1%; Industrivärden C, 7%; Investor B, 11.7%; Porsche Automobile Holding, 47.3%. 
The spread of Rio Tinto DLC widened to 19%. Rio Tinto is a candidate for an Australian top hat structure.
Of interest: Heineken Holding/Heineken, Porsche SE/vs. listed assets and Rio DLC.


Selected European HoldCos and DLC: June’23 Report

<ul>
<li>Discounts to NAV of covered holdcos have generally tightened during May. Discounts to NAV: C.F.Alba, 50.1%; GBL, 40.5% (!); Heineken Holding, 16.0%; Industrivärden C, 5.2%; Investor B, 11.6%; Porsche Automobile Holding, 45.1%. </li>
<li>The spread of Rio Tinto DLC widened to 17.2%. Rio Tinto is a candidate for an Australian top hat structure.</li>
<li>Recommended trades: Heineken Holding/Heineken, Porsche SE/vs. listed assets and Rio DLC.</li>
</ul>


Discounts to NAV of covered holdcos have generally tightened during May. Discounts to NAV: C.F.Alba, 50.1%; GBL, 40.5% (!); Heineken Holding, 16.0%; Industrivärden C, 5.2%; Investor B, 11.6%; Porsche Automobile Holding, 45.1%. 
The spread of Rio Tinto DLC widened to 17.2%. Rio Tinto is a candidate for an Australian top hat structure.
Recommended trades: Heineken Holding/Heineken, Porsche SE/vs. listed assets and Rio DLC.


Selected European HoldCos and DLC: May’23 Report

Groupe Bruxelles Lambert Sa / Event-Driven

<ul>
<li>Discounts to NAV of covered holdcos have generally tightened during April. Discounts to NAV: C.F.Alba, 51.3%; GBL, 32.3%; Heineken Holding, 16.4%; Industrivärden C, 7.7%; Investor B, 9.5%; Porsche Automobile Holding, 49.7%. </li>
<li>The spread of Rio Tinto DLC tightened to 16.8%. Rio Tinto is a candidate for an Australian top hat structure.</li>
<li>Recommended trades: Heineken Holding, Investor AB (long Investor B/short main holdings) and Rio DLC.</li>
</ul>


Discounts to NAV of covered holdcos have generally tightened during April. Discounts to NAV: C.F.Alba, 51.3%; GBL, 32.3%; Heineken Holding, 16.4%; Industrivärden C, 7.7%; Investor B, 9.5%; Porsche Automobile Holding, 49.7%. 
The spread of Rio Tinto DLC tightened to 16.8%. Rio Tinto is a candidate for an Australian top hat structure.
Recommended trades: Heineken Holding, Investor AB (long Investor B/short main holdings) and Rio DLC.


Selected European HoldCos and DLC: April’23 Report

Belgium

Groupe Bruxelles Lambert S.A. is a holding company with interests in energy, media, and utility companies.  The Company, through its subsidiaries, produces petroleum, manufactures chemicals, operates gasoline filling stations, owns and operates television and radio stations, supplies water, generates and transports electricity, transports natural gas, and offers waste management services.

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Groupe Bruxelles Lambert Sa (GBLB BB)

Selected European HoldCos and DLC: August’23 Report

Discounts to NAV of covered holdcos have generally tightened during August. Interesting situations are Investor AB vs. assets, Porsche SE/vs....

Jesus Rodriguez Aguilar

Selected European HoldCos and DLC: July’23 Report

Discounts to NAV of covered holdcos have generally widened during July. Interesting situations, in my view: Heineken Holding/Heineken, Porsche SE...

Jesus Rodriguez Aguilar

Selected European HoldCos and DLC: June’23 Report

The discounts to Net Asset Value of covered holding companies in the European liquid universe have generally widened during June.

Jesus Rodriguez Aguilar

Selected European HoldCos and DLC: May’23 Report

Discounts to NAV of covered holdcos have generally tightened during May. The discount to NAV of GBL has reached a very high level, in my view. That...

Jesus Rodriguez Aguilar

Selected European HoldCos and DLC: April’23 Report

Discounts to Net Asset Value of covered holdcos generally tightened during April, although some remained at the same levels. Rio DLC tightened.

Jesus Rodriguez Aguilar

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