European Event-Driven Analyst

Jesus Rodriguez Aguilar

Event-Driven

<ul>
<li>Since mid-November, spreads have generally widened across our European liquid universe of ordinary and preferred shares (9 have tightened, 10 widened).</li>
<li>Recommended trades long preferred / short ordinary shares: Media-for-Europe, Sixt, Volkswagen (still the most interesting situation).</li>
<li>Recommended trades long ordinary / short preferred shares: Fuchs, Henkel, SSAB Svenska Stal.</li>
</ul>


Since mid-November, spreads have generally widened across our European liquid universe of ordinary and preferred shares (9 have tightened, 10 widened).
Recommended trades long preferred / short ordinary shares: Media-for-Europe, Sixt, Volkswagen (still the most interesting situation).
Recommended trades long ordinary / short preferred shares: Fuchs, Henkel, SSAB Svenska Stal.


Liquid Universe of European Ordinary and Preferred Shares: December‘23 Report

Smartkarma AI Primers, Smartkarma

αSK Primers

Smartkarma AI Primers

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

Equity Bottom-Up

<ul>
  <li>Henkel operates a balanced business model with two strong, complementary pillars: a world-leading Adhesive Technologies business and a focused Consumer Brands portfolio.</li>
  <li>The 'Purposeful Growth' strategic agenda is centered on driving innovation, sustainability, and digitalization to capture growth opportunities and enhance profitability.</li>
  <li>Financial performance shows resilient top-line growth and improving margins, though the company faces headwinds from raw material volatility and intense competition in consumer markets.</li>
</ul><p><em>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.</em></p>


  Henkel operates a balanced business model with two strong, complementary pillars: a world-leading Adhesive Technologies business and a focused Consumer Brands portfolio.
  The 'Purposeful Growth' strategic agenda is centered on driving innovation, sustainability, and digitalization to capture growth opportunities and enhance profitability.
  Financial performance shows resilient top-line growth and improving margins, though the company faces headwinds from raw material volatility and intense competition in consumer markets.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

Primer: Henkel  &  KGaA ( HEN3 GR) - Apr 2026

<ul>
<li>Median discount tightened from -1.1% to -0.5%, but the mean widened to -3.7%, as several already-large discounts moved further away from parity.</li>
<li>Carlsberg was the largest widener at -18.8%, while Grifols reached -33.3% and MFE -28.3%, improving prospective returns from convergence trades.</li>
<li>Grifols and MFE stand out among new positions, while Ericsson’s B-only SEK15bn buyback remains the most relevant active capital-structure development.</li>
</ul>


Median discount tightened from -1.1% to -0.5%, but the mean widened to -3.7%, as several already-large discounts moved further away from parity.
Carlsberg was the largest widener at -18.8%, while Grifols reached -33.3% and MFE -28.3%, improving prospective returns from convergence trades.
Grifols and MFE stand out among new positions, while Ericsson’s B-only SEK15bn buyback remains the most relevant active capital-structure development.


Liquid Universe of European Ordinary and Preferred Shares: September '26 Report

<ul>
<li>Mid-August saw renewed dispersion across Europe’s dual-class universe. Handelsbanken tightened sharply, but widening in Fuchs, Sixt, Media-for-Europe and Danieli pushed the mean spread further negative.</li>
<li>Convergence remained highly selective: Carlsberg and Handelsbanken retraced materially, while several previously wide discounts moved in the opposite direction.</li>
<li>Grifols shareholders have authorised cancellation of treasury A and B shares, while Schindler has expanded its dual-class buyback programme to CHF700m.</li>
</ul>


Mid-August saw renewed dispersion across Europe’s dual-class universe. Handelsbanken tightened sharply, but widening in Fuchs, Sixt, Media-for-Europe and Danieli pushed the mean spread further negative.
Convergence remained highly selective: Carlsberg and Handelsbanken retraced materially, while several previously wide discounts moved in the opposite direction.
Grifols shareholders have authorised cancellation of treasury A and B shares, while Schindler has expanded its dual-class buyback programme to CHF700m.


Liquid Universe of European Ordinary and Preferred Shares: August '26 Report

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

iShares MSCI ACWI ETF / Technical Analysis

<ul>
<li>In our latest int'l reports we have preached caution, and since January we have discussed our expectations for $93 to cap upside on the ACWI-US</li>
<li>Thus far, $93 has proven to be rock-solid resistance, and ACWI-US now displays a 4.5-month uptrend violation signaling the pullback has officially begun.</li>
<li>We would expect this pullback to continue down to $86-87 at minimum, and potentially $84 (December 2022 low). Even $75-77 (the 2022 lows) is not out of the question.</li>
</ul>


In our latest int'l reports we have preached caution, and since January we have discussed our expectations for $93 to cap upside on the ACWI-US
Thus far, $93 has proven to be rock-solid resistance, and ACWI-US now displays a 4.5-month uptrend violation signaling the pullback has officially begun.
We would expect this pullback to continue down to $86-87 at minimum, and potentially $84 (December 2022 low). Even $75-77 (the 2022 lows) is not out of the question.


MSCI ACWI Uptrend Break; Defensives to Shine; Ideas in Staples, Health Care, Telecomm, Utilities

Germany

Henkel AG & Co. KGaA manufactures industrial, commercial, and consumer chemical products. The Company provides reactive polyurethane and laminating adhesives, labeling for glass and PET plastic bottles, corrosion inhibitors and surface treatments, soaps, skin care products, hair dye, perfumes, detergents, dishwashing soaps, glass cleaners, wallpaper adhesives, and roofing products.

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Henkel & KGaA (HEN3 GR)

Liquid Universe of European Ordinary and Preferred Shares: December‘23 Report

Since mid-November, spreads have generally widened across our European liquid universe of ordinary and preferred shares (9 have tightened, 10...

Jesus Rodriguez Aguilar

Primer: Henkel & KGaA ( HEN3 GR) - Apr 2026

Henkel operates a balanced business model with two strong, complementary pillars: a world-leading Adhesive Technologies business and a focused...

αSK Primers

Liquid Universe of European Ordinary and Preferred Shares: September '26 Report

September brought fresh dispersion: Carlsberg, Grifols and MFE widened sharply, improving convergence returns, while Ericsson's B-only buyback adds...

Jesus Rodriguez Aguilar

Liquid Universe of European Ordinary and Preferred Shares: August '26 Report

August brought fresh dispersion across Europe's dual-class shares, creating new relative-value opportunities while corporate actions remain an...

Jesus Rodriguez Aguilar

MSCI ACWI Uptrend Break; Defensives to Shine; Ideas in Staples, Health Care, Telecomm, Utilities

$93 on $ACWI has proven to be rock-solid resistance, and it now displays a 4.5-month uptrend violation signaling the pullback has officially begun....

Vermilion Research

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