European Event-Driven Analyst

Jesus Rodriguez Aguilar

Event-Driven

<ul>
<li>Since mid-July, spreads have generally tightened across our liquid universe, including those flagged in July (Investor AB, Roche and Volkswagen).</li>
<li>Trade recommendations long ords / short prefs: Fuchs Petrolub, SSAB Svenska Stal.</li>
<li>Recommendations Long prefs / short ords: Sixt, VW, MFE-Media for Europe, Telecom Italia, Ericsson.</li>
</ul>


Since mid-July, spreads have generally tightened across our liquid universe, including those flagged in July (Investor AB, Roche and Volkswagen).
Trade recommendations long ords / short prefs: Fuchs Petrolub, SSAB Svenska Stal.
Recommendations Long prefs / short ords: Sixt, VW, MFE-Media for Europe, Telecom Italia, Ericsson.


Liquid Universe of European Ordinary and Preferred Shares: August ‘22 Report

<ul>
<li>Discounts to NAV of covered holdcos have either remained within same levels or widened during June: Alba, 40.3%; GBL, 34.7%; Heineken Holdings to 20.9%; Industrivärden C, 13.8%; Investor B, 15.6%; </li>
<li>Porsche Automobile Holding to 35.3%. Rio Tinto DLC widened to 23.4%.  Spreads tend to widen in bear markets but short term recoveries provide opportunities to bet on tightening discounts.</li>
<li>Recommended trades: Industrivärden C vs. listed assets, Rio Tinto (DLC).</li>
</ul>


Discounts to NAV of covered holdcos have either remained within same levels or widened during June: Alba, 40.3%; GBL, 34.7%; Heineken Holdings to 20.9%; Industrivärden C, 13.8%; Investor B, 15.6%; 
Porsche Automobile Holding to 35.3%. Rio Tinto DLC widened to 23.4%.  Spreads tend to widen in bear markets but short term recoveries provide opportunities to bet on tightening discounts.
Recommended trades: Industrivärden C vs. listed assets, Rio Tinto (DLC).


Selected European Holdcos and DLCs: June ‘22 Report

<ul>
<li>Discounts have generally widened across our liquid universe, in line with the recent market losses. </li>
<li>Recommendations long ords / short prefs: BMW, Fuchs Petrolub, Investor AB, SSAB.</li>
<li>Recommendations long prefs / short ords: Sixt, VW, Danieli, MFE, Grifols, Atlas Copco, Ericsson Handelsbanken, Roche, Schroders.</li>
</ul>


Discounts have generally widened across our liquid universe, in line with the recent market losses. 
Recommendations long ords / short prefs: BMW, Fuchs Petrolub, Investor AB, SSAB.
Recommendations long prefs / short ords: Sixt, VW, Danieli, MFE, Grifols, Atlas Copco, Ericsson Handelsbanken, Roche, Schroders.


Liquid Universe of European Ordinary and Preferred Shares: June ‘22 Report

<ul>
<li>Discounts to NAV of covered holdcos have all widened during April: Alba, to 39%; GBL to 34.9%; Heineken Holdings to 21%; Industrivärden C to 15.4%; Investor B to 16%;</li>
<li>Porsche Automobile Holding to 32%. Rio Tinto DLC widened to 13.3%. Spreads tend to widen in bear markets but short term recoveries provide opportunities to bet on tightening discounts.</li>
<li>Recommended trades: GBL vs. listed assets, Industrivärden C vs. listed assets, Investor B vs. listed assets; Porsche vs. VW (long 1 PAH3 GR/short 0.5136 VOW GR), Rio Tinto (DLC).</li>
</ul>


Discounts to NAV of covered holdcos have all widened during April: Alba, to 39%; GBL to 34.9%; Heineken Holdings to 21%; Industrivärden C to 15.4%; Investor B to 16%;
Porsche Automobile Holding to 32%. Rio Tinto DLC widened to 13.3%. Spreads tend to widen in bear markets but short term recoveries provide opportunities to bet on tightening discounts.
Recommended trades: GBL vs. listed assets, Industrivärden C vs. listed assets, Investor B vs. listed assets; Porsche vs. VW (long 1 PAH3 GR/short 0.5136 VOW GR), Rio Tinto (DLC).


Selected European Holdcos and DLCs: May ‘22 Report

<ul>
<li>Spreads have generally tightened across our liquid universe, in line with the recent market gains.</li>
<li>Recommendations long ords / short prefs: Fuchs Petrolub, Investor AB, SSAB.</li>
<li>Recommendations long prefs / short ords: Sixt, VW, Danieli, MFE, Grifols, Atlas Copco, Ericsson Handelsbanken, Roche, Schroders.</li>
</ul>


Spreads have generally tightened across our liquid universe, in line with the recent market gains.
Recommendations long ords / short prefs: Fuchs Petrolub, Investor AB, SSAB.
Recommendations long prefs / short ords: Sixt, VW, Danieli, MFE, Grifols, Atlas Copco, Ericsson Handelsbanken, Roche, Schroders.


Liquid Universe of European Ordinary and Preferred Shares: May '22 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: August ‘22 Report

Since the mid-July report, spreads have generally tightened across our liquid universe, including those flagged in July (Investor AB, Roche and...

Jesus Rodriguez Aguilar

Selected European Holdcos and DLCs: June ‘22 Report

Discounts to NAV of covered holdcos have either remained within same levels or widened during June. Spreads tend to widen in bear markets, it pays...

Jesus Rodriguez Aguilar

Liquid Universe of European Ordinary and Preferred Shares: June ‘22 Report

For the most part since mid-May, spreads were compressing, but inflation fears and rate rises have hit hard the stock markets in the last trading...

Jesus Rodriguez Aguilar

Selected European Holdcos and DLCs: May ‘22 Report

The discounts to NAV of all holdcos covered in this monthly insight have all widened. It seems a good time to bet on tightening discounts on short...

Jesus Rodriguez Aguilar

Liquid Universe of European Ordinary and Preferred Shares: May '22 Report

Spreads have generally tightened across our liquid universe, in line with the recent market gains. Schroders announced a share class unification.

Jesus Rodriguez Aguilar

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)