European Event-Driven Analyst

Jesus Rodriguez Aguilar

Event-Driven

<ul>
<li>The discounts to NAV of covered holdcos have mainly widened during December. Discounts to NAV: C.F.Alba, 49.1% (vs. 47.1%); GBL, 36.6% (vs. 34.9%); Heineken Holding, 16.7% (vs. 14.5%);</li>
<li>Industrivärden C, 5.4% (vs.4.9%); Investor B, 13.5% (vs. 14.6%); Porsche Automobile Holding, 37.1% (vs. 39.9%).  The spread of Rio DLC widened to 24.2% (vs.17.2%).</li>
<li>What seems interesting: in holding trades, 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 December. Discounts to NAV: C.F.Alba, 49.1% (vs. 47.1%); GBL, 36.6% (vs. 34.9%); Heineken Holding, 16.7% (vs. 14.5%);
Industrivärden C, 5.4% (vs.4.9%); Investor B, 13.5% (vs. 14.6%); Porsche Automobile Holding, 37.1% (vs. 39.9%).  The spread of Rio DLC widened to 24.2% (vs.17.2%).
What seems interesting: in holding trades, Porsche SE/vs. listed assets and the Rio DLC: long RIO LN/short RIO AU.


Selected European HoldCos and DLC: December’23 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

<ul>
<li>Below we lay out what we believe is a compelling case to add exposure to European/UK Financial stocks at current levels.</li>
<li>The EURO STOXX 50 has been on an absolute tear since we discussed the bullish implications of a break above 4200, and it now breaking above 2+year resistance at 4400-4415.</li>
<li>Financials are one of the leading Sectors within Europe/UK, and banks, insurance, and financial services are all attractive. We highlight several of our favorite names to buy at current levels</li>
</ul>


Below we lay out what we believe is a compelling case to add exposure to European/UK Financial stocks at current levels.
The EURO STOXX 50 has been on an absolute tear since we discussed the bullish implications of a break above 4200, and it now breaking above 2+year resistance at 4400-4415.
Financials are one of the leading Sectors within Europe/UK, and banks, insurance, and financial services are all attractive. We highlight several of our favorite names to buy at current levels


Buying Financials in Europe/UK; Buy Highlighted: $EUFN, Allianz, Banco Santander, Wise PLC, and More

<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

<ul>
<li>Since mid-October, spreads have generally widened across our European liquid universe of ordinary and preferred shares (8 have tightened, 10 widened, 1 at same level).</li>
<li>Recommended trades long preferred / short ordinary shares: Media-for-Europe, Sixt, Volkswagen (still the most interesting situation), Grifols, Atlas Copco.</li>
<li>Recommended trades long ordinary / short preferred shares: Fuchs, SSAB Svenska Stal.</li>
</ul>


Since mid-October, spreads have generally widened across our European liquid universe of ordinary and preferred shares (8 have tightened, 10 widened, 1 at same level).
Recommended trades long preferred / short ordinary shares: Media-for-Europe, Sixt, Volkswagen (still the most interesting situation), Grifols, Atlas Copco.
Recommended trades long ordinary / short preferred shares: Fuchs, SSAB Svenska Stal.


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

<ul>
<li>The discounts to NAV of covered holdcos haven't shown a clear trend during October. Discounts to NAV: C.F.Alba, 47.8% (vs. 49.2%); GBL, 35.5% (vs. 35.3%); Heineken Holding, 14.9% (vs. 14.5%); </li>
<li>Industrivärden C, 6% (vs. 7.4%); Investor B, 16.5% (vs. 15.4%); Porsche Automobile Holding, 40.9% (vs. 41.1%). The spread of Rio DLC widened to 21% (vs. 15.8%).</li>
<li>What seems interesting: holding trades, Investor B 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 haven't shown a clear trend during October. Discounts to NAV: C.F.Alba, 47.8% (vs. 49.2%); GBL, 35.5% (vs. 35.3%); Heineken Holding, 14.9% (vs. 14.5%); 
Industrivärden C, 6% (vs. 7.4%); Investor B, 16.5% (vs. 15.4%); Porsche Automobile Holding, 40.9% (vs. 41.1%). The spread of Rio DLC widened to 21% (vs. 15.8%).
What seems interesting: holding trades, Investor B vs. listed assets, Porsche SE/vs. listed assets and the Rio DLC: long RIO LN/short RIO AU.


Selected European HoldCos and DLC: October’23 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.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Investor (INVEB SS)

Selected European HoldCos and DLC: December’23 Report

Discounts to NAV for covered holdcos have mainloy widened during December. What seems interesting: Porsche Automobile Holding and Rio DLC.

Jesus Rodriguez Aguilar

Buying Financials in Europe/UK; Buy Highlighted: $EUFN, Allianz, Banco Santander, Wise PLC, and More

Europe EURO $STOXX 50 in re-emerging as leadership, and Financials $EUFN are leading the charge within Europe/UK. Banks, insurance, and financial...

Vermilion Research

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

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

Since mid-October, spreads have generally widened across our European liquid universe of ordinary and preferred shares (8 have tightened, 10...

Jesus Rodriguez Aguilar

Selected European HoldCos and DLC: October’23 Report

Discounts to NAV of covered holdcos in October showed no clear trend. Interesting aspects include holding trades, Investor B vs. listed assets,...

Jesus Rodriguez Aguilar

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Selected European HoldCos and DLC: December’23 Report

​Discounts to NAV for covered holdcos have mainloy widened during December. What seems interesting: Porsche Automobile Holding and Rio DLC.

Jesus Rodriguez Aguilar

Buying Financials in Europe/UK; Buy Highlighted: $EUFN, Allianz, Banco Santander, Wise PLC, and More

Europe EURO $STOXX 50 in re-emerging as leadership, and Financials $EUFN are leading the charge within Europe/UK. Banks, insurance, and financial...

Vermilion Research

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

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

Since mid-October, spreads have generally widened across our European liquid universe of ordinary and preferred shares (8 have tightened, 10...

Jesus Rodriguez Aguilar

Selected European HoldCos and DLC: October’23 Report

​Discounts to NAV of covered holdcos in October showed no clear trend. Interesting aspects include holding trades, Investor B vs. listed assets,...

Jesus Rodriguez Aguilar

Discounts to NAV for covered holdcos have mainloy widened during December. What seems interesting: Porsche Automobile Holding and Rio DLC.

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 in October showed no clear trend. Interesting aspects include holding trades, Investor B vs. listed assets,...