European Event-Driven Analyst

Jesus Rodriguez Aguilar

Event-Driven

<ul>
<li>The discounts to NAV of covered holdcos have all tightened during November. Discounts to NAV: C.F.Alba, 47.1% (vs. 47.8%); GBL, 34.9% (vs. 35.5%); Heineken Holding, 14.5% (vs. 14.9%);</li>
<li>Industrivärden C, 4.9% (vs. 6%); Investor B, 14.6% (vs. 16.5%); Porsche Automobile Holding, 39.9% (vs. 40.9%). The spread of Rio DLC tightened to 17.2% (vs. 21%).</li>
<li>What seems interesting: holding trades, Heineken Holding vs. Heineken, 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 all tightened during November. Discounts to NAV: C.F.Alba, 47.1% (vs. 47.8%); GBL, 34.9% (vs. 35.5%); Heineken Holding, 14.5% (vs. 14.9%);
Industrivärden C, 4.9% (vs. 6%); Investor B, 14.6% (vs. 16.5%); Porsche Automobile Holding, 39.9% (vs. 40.9%). The spread of Rio DLC tightened to 17.2% (vs. 21%).
What seems interesting: holding trades, Heineken Holding vs. Heineken, Porsche SE/vs. listed assets and the Rio DLC: long RIO LN/short RIO AU.


Selected European HoldCos and DLC: November’23 Report

Equity Analyst

Steve Zhou, CFA

Equity Bottom-Up

China Resources Beer Holdings / Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/china-resources-beer-holdings" target="_blank" data-smartkarma-citation="entities:399:1" rel="noopener">China Resources Beer Holdings (291 HK)</a> is a USD21bn red-chip company, and the largest beer company in China in terms of sales volume.</li>
<li>The company is a perfect fit for the GARP (growth at a reasonable price) strategy, and visibility in earnings is also high for the next 3-5 years.</li>
<li>Weak sentiment in H-share stocks and in overall China macro/consumption numbers provide a good entry opportunity for the stock.  </li>
</ul>



China Resources Beer Holdings (291 HK) is a USD21bn red-chip company, and the largest beer company in China in terms of sales volume.
The company is a perfect fit for the GARP (growth at a reasonable price) strategy, and visibility in earnings is also high for the next 3-5 years.
Weak sentiment in H-share stocks and in overall China macro/consumption numbers provide a good entry opportunity for the stock.  


China Resources Beer (291 HK):  High Visibility; Steady Growth; Reasonable Valuation

<ul>
<li>The Discounts to NAV of covered holdcos mainly widened during March. Discounts to NAV: C.F.Alba, 47.3% (vs. 47.1%); GBL, 38.15 (vs. 37.7%); Heineken Holding, 16.7% (vs. 16.5%); </li>
<li>Industrivärden C, 1.4% (vs. 4.4%); Investor B, 6.1% (vs. 5.6%); Porsche Automobile Holding, 45.4% (vs. 43.7%). Rio DLC spread tightened to 24.9% (vs. 25.6%), and on 26 March reached 27.7%.</li>
<li>What seems interesting: listed assets vs. Industrivärden C and the Rio DLC (long RIO LN/short RIO AU).</li>
</ul>


The Discounts to NAV of covered holdcos mainly widened during March. Discounts to NAV: C.F.Alba, 47.3% (vs. 47.1%); GBL, 38.15 (vs. 37.7%); Heineken Holding, 16.7% (vs. 16.5%); 
Industrivärden C, 1.4% (vs. 4.4%); Investor B, 6.1% (vs. 5.6%); Porsche Automobile Holding, 45.4% (vs. 43.7%). Rio DLC spread tightened to 24.9% (vs. 25.6%), and on 26 March reached 27.7%.
What seems interesting: listed assets vs. Industrivärden C and the Rio DLC (long RIO LN/short RIO AU).


Selected European HoldCos and DLC: March'24 Report

Porsche Automobil Holding  / Event-Driven

<ul>
<li>The Discounts to NAV of covered holdcos have mainly widened during February. Discounts to NAV: C.F.Alba, 47.1% (vs. 47.5%); GBL, 37.7% vs. (37.1%); Heineken Holding, 16.5% (vs. 16.6%); </li>
<li>Industrivärden C, 4.4% (vs. 3.8%); Investor B, 5.6% (vs. 7.9%); Porsche Automobile Holding, 43.7% (vs. 42%). The spread of Rio DLC widened to 25.6% (vs. 25.2%).</li>
<li>What seems interesting: 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 mainly widened during February. Discounts to NAV: C.F.Alba, 47.1% (vs. 47.5%); GBL, 37.7% vs. (37.1%); Heineken Holding, 16.5% (vs. 16.6%); 
Industrivärden C, 4.4% (vs. 3.8%); Investor B, 5.6% (vs. 7.9%); Porsche Automobile Holding, 43.7% (vs. 42%). The spread of Rio DLC widened to 25.6% (vs. 25.2%).
What seems interesting: Porsche SE/vs. listed assets and the Rio DLC (long RIO LN/short RIO AU).


Selected European HoldCos and DLC: February’24 Report

<ul>
<li>The <strong>discounts to NAV of covered holdcos have mainly tightened during January</strong>. Discounts to NAV: C.F.Alba, 47.5% (vs. 49.1%); GBL, 37.1% (vs. 36.6%); Heineken Holding, 16.6% (vs. 16.7%); </li>
<li>Industrivärden C, 3.8% (vs. 5.4%); Investor B, 7.9% (vs. 13.5%); Porsche Automobile Holding, 42% (vs. 37.1%). The spread of Rio DLC widened to 25.2% (vs. 24.2%).</li>
<li>What seems interesting: in holding trades, GBL/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 mainly tightened during January. Discounts to NAV: C.F.Alba, 47.5% (vs. 49.1%); GBL, 37.1% (vs. 36.6%); Heineken Holding, 16.6% (vs. 16.7%); 
Industrivärden C, 3.8% (vs. 5.4%); Investor B, 7.9% (vs. 13.5%); Porsche Automobile Holding, 42% (vs. 37.1%). The spread of Rio DLC widened to 25.2% (vs. 24.2%).
What seems interesting: in holding trades, GBL/vs. listed assets, Porsche SE/vs. listed assets and the Rio DLC: long RIO LN/short RIO AU.


Selected European HoldCos and DLC: January’24 Report

Netherlands

Heineken NV produces and distributes beverages internationally. The Company produces beers, spirits, wines, and soft drinks under various brand names.

Heineken NV (HEIA NA)

Selected European HoldCos and DLC: November’23 Report

Discounts to NAV of covered holdcos tightened in November. Interesting trades, in my view, include Heineken Holding vs. Heineken, Porsche SE vs....

Jesus Rodriguez Aguilar

China Resources Beer (291 HK): High Visibility; Steady Growth; Reasonable Valuation

A stock with strong growth, reasonable valuation, and high visibility for the next three to five years, in one of the best consumer sectors in...

Steve Zhou, CFA

Selected European HoldCos and DLC: March'24 Report

Discounts to NAV of covered holdcos widened in March, with notable changes in C.F.Alba, GBL, Heineken Holding, Investor B, and Porsche Automobile...

Jesus Rodriguez Aguilar

Selected European HoldCos and DLC: February’24 Report

Discounts to NAV of covered holdcos mainly widened in February. What seems interesting: Porsche SE/vs. listed assets and the Rio DLC (long RIO LN...

Jesus Rodriguez Aguilar

Selected European HoldCos and DLC: January’24 Report

Discounts to NAV for covered holdcos mainly tightened in January. What seems interesting: Interesting trades: GBL vs. listed assets, Porsche SE...

Jesus Rodriguez Aguilar

Selected European HoldCos and DLC: November’23 Report

​Discounts to NAV of covered holdcos tightened in November. Interesting trades, in my view, include Heineken Holding vs. Heineken, Porsche SE vs....

Jesus Rodriguez Aguilar

China Resources Beer (291 HK): High Visibility; Steady Growth; Reasonable Valuation

A stock with strong growth, reasonable valuation, and high visibility for the next three to five years, in one of the best consumer sectors in...

Steve Zhou, CFA

Selected European HoldCos and DLC: March'24 Report

​Discounts to NAV of covered holdcos widened in March, with notable changes in C.F.Alba, GBL, Heineken Holding, Investor B, and Porsche Automobile...

Jesus Rodriguez Aguilar

Selected European HoldCos and DLC: February’24 Report

​Discounts to NAV of covered holdcos mainly widened in February. What seems interesting: Porsche SE/vs. listed assets and the Rio DLC (long RIO LN...

Jesus Rodriguez Aguilar

Selected European HoldCos and DLC: January’24 Report

​Discounts to NAV for covered holdcos mainly tightened in January. What seems interesting: Interesting trades: GBL vs. listed assets, Porsche SE...

Jesus Rodriguez Aguilar

Discounts to NAV of covered holdcos tightened in November. Interesting trades, in my view, include Heineken Holding vs. Heineken, Porsche SE vs....

Discounts to NAV of covered holdcos widened in March, with notable changes in C.F.Alba, GBL, Heineken Holding, Investor B, and Porsche Automobile...

Discounts to NAV of covered holdcos mainly widened in February. What seems interesting: Porsche SE/vs. listed assets and the Rio DLC (long RIO LN...

Discounts to NAV for covered holdcos mainly tightened in January. What seems interesting: Interesting trades: GBL vs. listed assets, Porsche SE...