European Event-Driven Analyst

Jesus Rodriguez Aguilar

Event-Driven

<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

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

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.

Thematic (Sector/Industry)

<ul>
<li>Following a review of its asset-based financing (“ABF”) activities, ~ABN Amro has taken the decision to materially reduce the international footprint of its ABF division.</li>
<li>This will be accompanied by an orderly wind down of non-strategic client portfolios, especially in the UK, and a reorganisation in Germany.</li>
<li>This strategic alignment aims to strengthen the position of the bank and ensure long-term profitability. </li>
</ul>


Following a review of its asset-based financing (“ABF”) activities, ~ABN Amro has taken the decision to materially reduce the international footprint of its ABF division.
This will be accompanied by an orderly wind down of non-strategic client portfolios, especially in the UK, and a reorganisation in Germany.
This strategic alignment aims to strengthen the position of the bank and ensure long-term profitability. 


What's News in Amsterdam - 27 November (ABN Amro | Heineken | Unilever | PostNL / retail sector)

<ul>
<li>Discounts to NAV of covered holdcos mainly widened during October. Discounts to NAV: C.F.Alba, 48.7% (vs. 46.6% as of 30 September); GBL, 40.9% (vs. 40.7%);</li>
<li>Heineken Holding, 14% (14.9%); Industrivärden C, 2.4% (0.9%); Investor B, 2.8% (vs. 2.6%); Porsche Automobile Holding, 31.7% (vs. 35%). Rio DLC spread tightened to 22.5% (vs. 26%).</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 October. Discounts to NAV: C.F.Alba, 48.7% (vs. 46.6% as of 30 September); GBL, 40.9% (vs. 40.7%);
Heineken Holding, 14% (14.9%); Industrivärden C, 2.4% (0.9%); Investor B, 2.8% (vs. 2.6%); Porsche Automobile Holding, 31.7% (vs. 35%). Rio DLC spread tightened to 22.5% (vs. 26%).
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: October'24 Report

<ul>
<li>Discounts to NAV of covered holdcos mainly widened during September. Discounts to NAV: C.F.Alba, 46.6% (vs. 46.2% as of August 30); GBL, 40.7% (vs. 41.1%);</li>
<li>Heineken Holding, 14.9% (vs. 16.5%); Industrivärden C, 0.9% (vs. 1.7%); Investor B, 2.6% (vs. 1.9%); Porsche Automobile Holding, 35% (vs. 35.7%). Rio DLC spread widened to 26% (vs. 19.8%).</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 September. Discounts to NAV: C.F.Alba, 46.6% (vs. 46.2% as of August 30); GBL, 40.7% (vs. 41.1%);
Heineken Holding, 14.9% (vs. 16.5%); Industrivärden C, 0.9% (vs. 1.7%); Investor B, 2.6% (vs. 1.9%); Porsche Automobile Holding, 35% (vs. 35.7%). Rio DLC spread widened to 26% (vs. 19.8%).
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: September'24 Report

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: 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

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

What's News in Amsterdam - 27 November (ABN Amro | Heineken | Unilever | PostNL / retail sector)

Following a review of its asset-based financing (“ABF”) activities, ~ABN Amro has taken the decision to materially reduce the international...

The IDEA!

Selected European HoldCos and DLC: October'24 Report

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

Jesus Rodriguez Aguilar

Selected European HoldCos and DLC: September'24 Report

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

Jesus Rodriguez Aguilar

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Market Cap (USDm)

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