European Event-Driven Analyst

Jesus Rodriguez Aguilar

Event-Driven

<ul>
<li>GBL’s discount to NAV is compressing but remains wide versus peers — buybacks, portfolio moves, and dividends hint at a valuation shift.</li>
<li>Rio Tinto’s Australia-UK dual listing still trades at a premium — mean reversion potential remains as unification chatter simmers beneath the surface.</li>
<li>Vivendi’s looming mandatory offer from Bolloré reshapes stub trade dynamics — a narrowing discount points to accelerating corporate resolution.</li>
</ul>


GBL’s discount to NAV is compressing but remains wide versus peers — buybacks, portfolio moves, and dividends hint at a valuation shift.
Rio Tinto’s Australia-UK dual listing still trades at a premium — mean reversion potential remains as unification chatter simmers beneath the surface.
Vivendi’s looming mandatory offer from Bolloré reshapes stub trade dynamics — a narrowing discount points to accelerating corporate resolution.


Selected European HoldCos and DLC: July 2025 Report

Independent Investment Research, The IDEA!

The IDEA!

Independent Investment Research

The Idea-Driven Equities Analyses company (the IDEA!) is an employee-owned boutique providing independent investment research and financial consultancy services with a clear focus on the Benelux countries. The company was founded in the summer of 2007 by Henk Slotboom and Maarten Verbeek, both with more than 35 years of professional experience in the financial sector. The IDEA! differentiates itself by focusing on adding value through self-initiated in-depth, idea-driven investment research, as well as by bespoke research assignments for institutional investors, hedge funds and private equity. In addition, we provide market intelligence, strategic research and – together with our business partners – consultancy services to businesses. In case you are interested in receiving more information, a sample of our products or an introductory meeting, please send a message to info@theidea.nl.

Equity Bottom-Up

<ul><li>In this edition: • ABN Amro | Dutch state’s stake drops below one-third • dsm-firmenich | banks prepared to provide more debt to the buyer of the ANH unit • Heineken | operating profit (beia) shows beat thanks to more costs savings and mix effects • KPN | EUR 250m share buyback completed • Corporate agenda | week 31 – 36</li></ul>

In this edition: • ABN Amro | Dutch state’s stake drops below one-third • dsm-firmenich | banks prepared to provide more debt to the buyer of the ANH unit • Heineken | operating profit (beia) shows beat thanks to more costs savings and mix effects • KPN | EUR 250m share buyback completed • Corporate agenda | week 31 – 36

What's News in Amsterdam - 28 July (ABN Amro | dsm-firmenich | Heineken | KPN | Corporate calendar)

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

<ul><li>Heineken N.V. has reported its financial and operational performance for the full year 2024, showcasing a mix of growth, challenges, and strategic initiatives.</li><li>The company has made significant strides in executing its multiyear strategy known as EverGreen.</li><li>This strategy aims to achieve balanced growth, improve profitability, and create long-term value.</li></ul>

Heineken N.V. has reported its financial and operational performance for the full year 2024, showcasing a mix of growth, challenges, and strategic initiatives.The company has made significant strides in executing its multiyear strategy known as EverGreen.This strategy aims to achieve balanced growth, improve profitability, and create long-term value.

Heineken: Initiation of Coverage- An Insight Into Its Global Market Position & Portfolio Strategy!

<ul>
<li>Discounts to NAV of covered holdcos and DLC mainly tightened during June. Coverage of CF Alba is discontinued following delisting. Discounts (30 June): GBL, 36% (vs. 37.9% on 30 May); </li>
<li>Heineken Holding, 14% (vs. 12.5%); Industrivärden C, 10% (vs. 9.6%); Investor B, 12.1% (vs. 9.6%); Porsche Automobile Holding, 28% (vs. 29.5%); Rio DLC 20.9% (vs. 22.2%); Vivendi 44.9% (vs. 47.1%). </li>
<li>What seems interesting (unchanged views): Heineken Holding, vs. Heineken, Porsche SE vs. listed assets and Rio DLC (long RIO LN/short RIO AU).</li>
</ul>


Discounts to NAV of covered holdcos and DLC mainly tightened during June. Coverage of CF Alba is discontinued following delisting. Discounts (30 June): GBL, 36% (vs. 37.9% on 30 May); 
Heineken Holding, 14% (vs. 12.5%); Industrivärden C, 10% (vs. 9.6%); Investor B, 12.1% (vs. 9.6%); Porsche Automobile Holding, 28% (vs. 29.5%); Rio DLC 20.9% (vs. 22.2%); Vivendi 44.9% (vs. 47.1%). 
What seems interesting (unchanged views): Heineken Holding, vs. Heineken, Porsche SE vs. listed assets and Rio DLC (long RIO LN/short RIO AU).


Selected European HoldCos and DLC: June 2025 Report

<ul>
<li>Heineken has lost operational control and withdrawn its staff from its facilities in eastern Democratic Republic of Congo (“DRC”) due to an escalating conflict.</li>
<li>The company had suspended operations in March in the cities of Goma, Bukavu, and Uvira after its breweries and depots were attacked during clashes between the army and M23 rebels.</li>
<li>As of June 12, 2025, armed groups have seized its sites in Goma and Bukavu, prompting a full withdrawal.</li>
</ul>


Heineken has lost operational control and withdrawn its staff from its facilities in eastern Democratic Republic of Congo (“DRC”) due to an escalating conflict.
The company had suspended operations in March in the cities of Goma, Bukavu, and Uvira after its breweries and depots were attacked during clashes between the army and M23 rebels.
As of June 12, 2025, armed groups have seized its sites in Goma and Bukavu, prompting a full withdrawal.


What's News in Amsterdam - 23 June (Heineken | Consumer Confidence)

Netherlands

Heineken Holding NV, through its subsidiary produces and distributes beverages internationally.  The Company produces beers, spirits, wines, and soft drinks under various brand names. Heineken operates through numerous subsidiaries and associated companies worldwide.

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Heineken Holding NV (HEIO NA)

Selected European HoldCos and DLC: July 2025 Report

GBL’s discount is tightening, Rio Tinto’s dual listing offers DLC convergence upside, and Vivendi’s forced bid reshapes stub trade dynamics—three...

Jesus Rodriguez Aguilar

What's News in Amsterdam - 28 July (ABN Amro | dsm-firmenich | Heineken | KPN | Corporate calendar)

In this edition: • ABN Amro | Dutch state’s stake drops below one-third • dsm-firmenich | banks prepared to provide more debt to the buyer of the...

The IDEA!

Heineken: Initiation of Coverage- An Insight Into Its Global Market Position & Portfolio Strategy!

Heineken N.V. has reported its financial and operational performance for the full year 2024, showcasing a mix of growth, challenges, and strategic...

Baptista Research

Selected European HoldCos and DLC: June 2025 Report

Discounts to NAV of covered holdcos and DLC mainly tightened during June. What seems interesting (unchanged views): Heineken Holding, Porsche SE...

Jesus Rodriguez Aguilar

What's News in Amsterdam - 23 June (Heineken | Consumer Confidence)

Heineken has lost operational control and withdrawn its staff from its facilities in eastern Democratic Republic of Congo (“DRC”) due to an...

The IDEA!

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