European Event-Driven Analyst

Jesus Rodriguez Aguilar

Event-Driven

<ul>
<li>Since mid-March, spreads have generally tightened across our liquid universe (6 have widened, 12 tightened, 1 at same level).</li>
<li>Possible trades long ordinary / short preferred shares: Fuchs Petrolub, Henkel, Handelsbanken, SSAB Svenska Stal.</li>
<li>Possible trades long preferred / short ordinary shares: Sixt, VW, Danieli, Grifols, Atlas Copco.</li>
</ul>


Since mid-March, spreads have generally tightened across our liquid universe (6 have widened, 12 tightened, 1 at same level).
Possible trades long ordinary / short preferred shares: Fuchs Petrolub, Henkel, Handelsbanken, SSAB Svenska Stal.
Possible trades long preferred / short ordinary shares: Sixt, VW, Danieli, Grifols, Atlas Copco.


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

<ul>
<li>
<a href="https://www.smartkarma.com/entities/industrivarden-ab" target="_blank" data-smartkarma-citation="entities:22395:1" rel="noopener">Industrivarden AB (INDUA SS)</a> is resilient: NAV on 31 March was SEK 138.3 billion, or SEK 320/share, an increase q-o-q of SEK 27/share, +9%, with some minor additions to the portfolio.</li>
<li>The balance sheet is strong, with a debt/equities ratio kept at 4%. A+ rating was confirmed on 27 March. 5-year total return was 67.5% vs. 66% for the OMX30.</li>
<li>The discount to NAV of C shares is 8.1% (vs. 10.7% average over the last 8 years). During Q1 the discount has tightened from 13.6% on 31 December.</li>
</ul>



Industrivarden AB (INDUA SS) is resilient: NAV on 31 March was SEK 138.3 billion, or SEK 320/share, an increase q-o-q of SEK 27/share, +9%, with some minor additions to the portfolio.
The balance sheet is strong, with a debt/equities ratio kept at 4%. A+ rating was confirmed on 27 March. 5-year total return was 67.5% vs. 66% for the OMX30.
The discount to NAV of C shares is 8.1% (vs. 10.7% average over the last 8 years). During Q1 the discount has tightened from 13.6% on 31 December.


Industrivärden: Q1 Results and Discount to NAV

<ul>
<li>Discounts to NAV of covered holdcos have shown mixed performance during March, with spreads widening until short after the UBS/CS deal, now tightening. </li>
<li>Discounts to NAV: C.F.Alba, 51.2%; GBL, 35.8%; Heineken Holding, 14.6%; Industrivärden C, 11.1%; Investor B, 9.7%; Porsche Automobile Holding, 49.6%. The spread of Rio Tinto DLC widened to 18.9%.</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 shown mixed performance during March, with spreads widening until short after the UBS/CS deal, now tightening. 
Discounts to NAV: C.F.Alba, 51.2%; GBL, 35.8%; Heineken Holding, 14.6%; Industrivärden C, 11.1%; Investor B, 9.7%; Porsche Automobile Holding, 49.6%. The spread of Rio Tinto DLC widened to 18.9%.
Recommended trades: Heineken Holding, Investor AB (long Investor B/short main holdings) and Rio DLC.


Selected European HoldCos and DLC: March'23 Report

<ul>
<li>Since mid-February, spreads have generally tightened across our liquid universe (9 have widened, 10 tightened, 0 at same level).</li>
<li>Trade preferences long ordinary / short preferred shares: Fuchs Petrolub, Henkel, Handelsbanken, SSAB Svenska Stal.</li>
<li>Trade preferences long preferred / short ordinary shares: Sixt, VW, Danieli, MFE-Media for Europe, Grifols, Atlas Copco, Ericsson.</li>
</ul>


Since mid-February, spreads have generally tightened across our liquid universe (9 have widened, 10 tightened, 0 at same level).
Trade preferences long ordinary / short preferred shares: Fuchs Petrolub, Henkel, Handelsbanken, SSAB Svenska Stal.
Trade preferences long preferred / short ordinary shares: Sixt, VW, Danieli, MFE-Media for Europe, Grifols, Atlas Copco, Ericsson.


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

Groupe Bruxelles Lambert Sa / Event-Driven

<ul>
<li>Discounts to NAV of covered holdcos have generally tightened during February. Discounts to NAV: C.F.Alba, 53.2%; GBL, 34.9%; Heineken Holding, 16.1%; Industrivärden C, 10.6%; </li>
<li>Investor B, 11.2%; Porsche Automobile Holding, 50.5%. The spread of Rio Tinto DLC tightened to 12.6%. Spreads tend to tighten in favourable market conditions.</li>
<li>Recommended trades are: GBL, Heineken Holding, Porsche Automobile Holding, and possibly CF Alba (long).</li>
</ul>


Discounts to NAV of covered holdcos have generally tightened during February. Discounts to NAV: C.F.Alba, 53.2%; GBL, 34.9%; Heineken Holding, 16.1%; Industrivärden C, 10.6%; 
Investor B, 11.2%; Porsche Automobile Holding, 50.5%. The spread of Rio Tinto DLC tightened to 12.6%. Spreads tend to tighten in favourable market conditions.
Recommended trades are: GBL, Heineken Holding, Porsche Automobile Holding, and possibly CF Alba (long).


Selected European Holdcos and DLC: February‘23 Report

Sweden

Industrivarden AB is an investment company.  The Company's holdings consists of a portfolio of listed Nordic industrial companies.

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Industrivarden AB (INDUA SS)

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

Since mid-March, spreads have generally tightened across our liquid universe (6 have widened, 12 tightened, 1 at same level).

Jesus Rodriguez Aguilar

Industrivärden: Q1 Results and Discount to NAV

I think the relative share price potential is strong across the cycle, especially in difficult market conditions; overall, an appealing investment....

Jesus Rodriguez Aguilar

Selected European HoldCos and DLC: March'23 Report

Discounts to NAV of covered holdcos have shown mixed performance during March, with spreads sharply widening until short after the UBS/CS deal, now...

Jesus Rodriguez Aguilar

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

Since mid-February, spreads have generally tightened across our liquid universe (9 have widened, 10 tightened, 0 at same level).

Jesus Rodriguez Aguilar

Selected European Holdcos and DLC: February‘23 Report

Discounts to NAV of covered holdcos have generally tightened during February. Recommended trades are: GBL, Heineken Holding, Porsche Automobile...

Jesus Rodriguez Aguilar

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52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)