European Event-Driven Analyst

Jesus Rodriguez Aguilar

Event-Driven

Porsche Automobil Holding  / Event-Driven

<ul>
<li>Discounts to NAV of holdcos have generally tightened during March: Alba, widened to 40.3%; GBL tightened to 30.7%; Heineken Holdings tightened to 17.7%; Industrivärden C tightened to 6.2%;</li>
<li>Investor B tightened to 5.7%; Porsche Automobile Holding (FY 2021 results) widened to 28.8%. There is just one DLC left in this report, Rio Tinto.</li>
<li>Recommended trades: GBL vs. listed assets, Porsche vs. VW (long 1 PAH3 GR/short 0.5136 VOW GR), Rio Tinto.</li>
</ul>


Discounts to NAV of holdcos have generally tightened during March: Alba, widened to 40.3%; GBL tightened to 30.7%; Heineken Holdings tightened to 17.7%; Industrivärden C tightened to 6.2%;
Investor B tightened to 5.7%; Porsche Automobile Holding (FY 2021 results) widened to 28.8%. There is just one DLC left in this report, Rio Tinto.
Recommended trades: GBL vs. listed assets, Porsche vs. VW (long 1 PAH3 GR/short 0.5136 VOW GR), Rio Tinto.


Selected European Holdcos and DLCs: March ‘22 Report

<ul>
<li>There is just one DLC left in this report, Rio Tinto, following the unification of BHP and Shell.</li>
<li>Discounts to NAV of holdcos have shown mixed performance: Alba, 38.9%; GBL, 29%; Heineken Holdings, 19%; Industrivärden, 10.1%; Investor B, 11.61%; Kinnevik B, 3.3%(premium); Porsche Automobile Holding, 27.7%.</li>
<li>Recommended trades: GBL vs. listed assets, Industrivärden vs. listed assets, Investor vs. listed assets, Porsche vs. VW (long 1 PAH3 GR/short 0.5136 VOW GR), Rio Tinto.</li>
</ul>


There is just one DLC left in this report, Rio Tinto, following the unification of BHP and Shell.
Discounts to NAV of holdcos have shown mixed performance: Alba, 38.9%; GBL, 29%; Heineken Holdings, 19%; Industrivärden, 10.1%; Investor B, 11.61%; Kinnevik B, 3.3%(premium); Porsche Automobile Holding, 27.7%.
Recommended trades: GBL vs. listed assets, Industrivärden vs. listed assets, Investor vs. listed assets, Porsche vs. VW (long 1 PAH3 GR/short 0.5136 VOW GR), Rio Tinto.


Selected European Holdcos and DLCs: February ‘22 Report

<ul>
<li>Spreads have generally tightened across our liquid universe, 410 bps in the case of Volkswagen. Spreads in Sixt (45.7%) and Schroders (37%) are worth mentioning.</li>
<li>Recommendations Long ords / short prefs: Fuchs Petrolub, Henkel, Handelsbanken.</li>
<li>Recommendations Long prefs / short ords: BMW, Grifols, Roche, Telecom Italia (takeover interest), Volkswagen.</li>
</ul>


Spreads have generally tightened across our liquid universe, 410 bps in the case of Volkswagen. Spreads in Sixt (45.7%) and Schroders (37%) are worth mentioning.
Recommendations Long ords / short prefs: Fuchs Petrolub, Henkel, Handelsbanken.
Recommendations Long prefs / short ords: BMW, Grifols, Roche, Telecom Italia (takeover interest), Volkswagen.


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

<ul>
<li>There is just one DLC in this report, Rio Tinto, following the unification of BHP and Shell.</li>
<li>Discounts to NAV of holdcos have shown mixed performance: Alba, 41.3%; GBL, 26.9%; Heineken Holdings, 18.2%; Industrivärden, 12.1%; Investor AB, 11.6%; Kinnevik B, 8.8%(premium); Porsche Automobile Holding, 39.2%.</li>
<li>Recommended trades: GBL vs. listed assets, Industrivärden vs. listed assets, Investor vs. listed assets, Porsche vs. VW (long 1 PAH3 GR/short 0.5136 VOW GR), Rio Tinto.</li>
</ul>


There is just one DLC in this report, Rio Tinto, following the unification of BHP and Shell.
Discounts to NAV of holdcos have shown mixed performance: Alba, 41.3%; GBL, 26.9%; Heineken Holdings, 18.2%; Industrivärden, 12.1%; Investor AB, 11.6%; Kinnevik B, 8.8%(premium); Porsche Automobile Holding, 39.2%.
Recommended trades: GBL vs. listed assets, Industrivärden vs. listed assets, Investor vs. listed assets, Porsche vs. VW (long 1 PAH3 GR/short 0.5136 VOW GR), Rio Tinto.


Selected European Holdcos and DLCs: January ‘22 Report

Groupe Bruxelles Lambert Sa / Event-Driven

<ul>
<li>Premiums of selected DLC's have generally tightened during December, following the unification of BHP : BHP/BLT 1.3%; Rio Tinto AU/LN, 9.9% (widened); Shell, nil premium.</li>
<li>Discounts to NAV of holdcos have shown mixed performance: Alba, 42.7%; GBL, 30%; Heineken Holdings, 17.9%; Industrivärden, 14.4%; Investor AB, 7.5%; Kinnevik B, 22.4% (premium).</li>
<li>Recommended trades: BHP/BLT, GBL vs. listed assets, Industrivärden vs. listed assets.</li>
</ul>


Premiums of selected DLC's have generally tightened during December, following the unification of BHP : BHP/BLT 1.3%; Rio Tinto AU/LN, 9.9% (widened); Shell, nil premium.
Discounts to NAV of holdcos have shown mixed performance: Alba, 42.7%; GBL, 30%; Heineken Holdings, 17.9%; Industrivärden, 14.4%; Investor AB, 7.5%; Kinnevik B, 22.4% (premium).
Recommended trades: BHP/BLT, GBL vs. listed assets, Industrivärden vs. listed assets.


Selected European Holdcos and DLCs: December '21 Report

Sweden

Investor AB is an industrial holding company. The Company owns significant shareholdings in major public multinational companies and conducts private equity activities in Europe, North America, and Asia. Investor takes an active ownership role in many of the companies it owns.

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Investor (INVEB SS)

Selected European Holdcos and DLCs: March ‘22 Report

Discounts to NAV of covered European holdcos have generally tightened during March. Recommended trades: GBL vs. listed assets, Porsche vs. VW (long...

Jesus Rodriguez Aguilar

Selected European Holdcos and DLCs: February ‘22 Report

Holding trades are generally bull market trades, just the opposite of the current markets following the Russian attack on Ukraine. Nevertheless,...

Jesus Rodriguez Aguilar

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

Spreads have generally tightened across our liquid universe, 410 bps in the case of Volkswagen. Spreads in Sixt (45.7%) and Schroders (37%) are...

Jesus Rodriguez Aguilar

Selected European Holdcos and DLCs: January ‘22 Report

Discounts to NAV of selected holdings have not shown a clear trend in January. Now there is just one DLC in this report, Rio Tinto, following the...

Jesus Rodriguez Aguilar

Selected European Holdcos and DLCs: December '21 Report

Premiums of selected DLC's have generally tightened during December. Discount to NAV of holdcos have shown mixed trends.

Jesus Rodriguez Aguilar

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