European Event-Driven Analyst

Jesus Rodriguez Aguilar

Event-Driven

<ul>
<li>Since mid-November, share-price spreads have generally widened across European liquid universe of ordinary and preferred shares (10 have widened, 8 tightened, 1 unchanged) with few changes in the trends.</li>
<li>The most notorious reversal has been Telecom Italia. Recommended trades long preferred / short ordinary shares: Atlas Copco, Grifols SA, Media-for-Europe.</li>
<li>Recommended trades long ordinary / short preferred shares: Carlsberg, Henkel, SSAB Svenska Stal, Telecom Italia.</li>
</ul>


Since mid-November, share-price spreads have generally widened across European liquid universe of ordinary and preferred shares (10 have widened, 8 tightened, 1 unchanged) with few changes in the trends.
The most notorious reversal has been Telecom Italia. Recommended trades long preferred / short ordinary shares: Atlas Copco, Grifols SA, Media-for-Europe.
Recommended trades long ordinary / short preferred shares: Carlsberg, Henkel, SSAB Svenska Stal, Telecom Italia.


Liquid Universe of European Ordinary and Preferred Shares: December‘24 Report

Porsche Automobil Holding  / Event-Driven

<ul>
<li>Discounts to NAV of covered holdcos mainly widened during November. Discounts to NAV: C.F.Alba, 49.8% (vs. 48.7% as of 29 November); GBL, 40.6% (vs. 40.9%); Heineken Holding, 14.4% (vs. 14%); </li>
<li>Industrivärden C, 4.0% (vs. 2.4%); Investor B, 4.3% (vs. 2.8%); Porsche Automobile Holding, 29.8% (vs. 31.7%). Rio DLC spread tightened to 22.4% (vs. 22.5%).</li>
<li>What seems interesting (unchanged views): Porsche SE vs. listed assets and the Rio DLC (long RIO LN/short RIO AU).</li>
</ul>


Discounts to NAV of covered holdcos mainly widened during November. Discounts to NAV: C.F.Alba, 49.8% (vs. 48.7% as of 29 November); GBL, 40.6% (vs. 40.9%); Heineken Holding, 14.4% (vs. 14%); 
Industrivärden C, 4.0% (vs. 2.4%); Investor B, 4.3% (vs. 2.8%); Porsche Automobile Holding, 29.8% (vs. 31.7%). Rio DLC spread tightened to 22.4% (vs. 22.5%).
What seems interesting (unchanged views): Porsche SE vs. listed assets and the Rio DLC (long RIO LN/short RIO AU).


Selected European HoldCos and DLC: November'24 Report

<ul>
<li>Since mid-October, share-price spreads have generally tightened across European liquid universe of ordinary and preferred shares (10 have tightened, 9 widened). Most spreads that were already tightening, kept doing so.</li>
<li>Most spreads that were already tightening, kept doing so. Recommended trades long preferred / short ordinary shares: Atlas Copco, Grifols SA, Media-for-Europe.</li>
<li>Recommended trades long ordinary / short preferred shares: Carlsberg, Henkel, SSAB Svenska Stal.</li>
</ul>


Since mid-October, share-price spreads have generally tightened across European liquid universe of ordinary and preferred shares (10 have tightened, 9 widened). Most spreads that were already tightening, kept doing so.
Most spreads that were already tightening, kept doing so. Recommended trades long preferred / short ordinary shares: Atlas Copco, Grifols SA, Media-for-Europe.
Recommended trades long ordinary / short preferred shares: Carlsberg, Henkel, SSAB Svenska Stal.


Liquid Universe of European Ordinary and Preferred Shares: November‘24 Report

Groupe Bruxelles Lambert Sa / Event-Driven

<ul>
<li>GBL earned €1.1 billion in capital gains from listed assets and saw over €278 million growth from private assets and GBL Capital, highlighting strong portfolio performance and value creation.</li>
<li>GBL trades at a 41.2% discount to NAV, above its 30% historical average, due to interest rate hikes. GBL continues shareholder returns via buybacks and dividends, backed by cash earnings.</li>
<li>In November 2021, GBL announced its moving towards a 40% allocation to private/alternative assets. GBL has now achieved that target with 40.8% of GAV coming from private investments.</li>
</ul>


GBL earned €1.1 billion in capital gains from listed assets and saw over €278 million growth from private assets and GBL Capital, highlighting strong portfolio performance and value creation.
GBL trades at a 41.2% discount to NAV, above its 30% historical average, due to interest rate hikes. GBL continues shareholder returns via buybacks and dividends, backed by cash earnings.
In November 2021, GBL announced its moving towards a 40% allocation to private/alternative assets. GBL has now achieved that target with 40.8% of GAV coming from private investments.


Groupe Bruxelles Lambert Achieves Target of 40% in Private Assets

<ul>
<li>Discounts to NAV of covered holdcos mainly widened during October. Discounts to NAV: C.F.Alba, 48.7% (vs. 46.6% as of 30 September); GBL, 40.9% (vs. 40.7%);</li>
<li>Heineken Holding, 14% (14.9%); Industrivärden C, 2.4% (0.9%); Investor B, 2.8% (vs. 2.6%); Porsche Automobile Holding, 31.7% (vs. 35%). Rio DLC spread tightened to 22.5% (vs. 26%).</li>
<li>What seems interesting (unchanged views): Porsche SE vs. listed assets and the Rio DLC (long RIO LN/short RIO AU).</li>
</ul>


Discounts to NAV of covered holdcos mainly widened during October. Discounts to NAV: C.F.Alba, 48.7% (vs. 46.6% as of 30 September); GBL, 40.9% (vs. 40.7%);
Heineken Holding, 14% (14.9%); Industrivärden C, 2.4% (0.9%); Investor B, 2.8% (vs. 2.6%); Porsche Automobile Holding, 31.7% (vs. 35%). Rio DLC spread tightened to 22.5% (vs. 26%).
What seems interesting (unchanged views): Porsche SE vs. listed assets and the Rio DLC (long RIO LN/short RIO AU).


Selected European HoldCos and DLC: October'24 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)

Liquid Universe of European Ordinary and Preferred Shares: December‘24 Report

Since mid-November, share-price spreads have generally widened across European liquid universe of ordinary and preferred shares with few changes in...

Jesus Rodriguez Aguilar

Selected European HoldCos and DLC: November'24 Report

Discounts to NAV of covered European holdcos mainly widened during November. What seems interesting (unchanged views): Porsche SE vs. listed assets...

Jesus Rodriguez Aguilar

Liquid Universe of European Ordinary and Preferred Shares: November‘24 Report

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

Jesus Rodriguez Aguilar

Groupe Bruxelles Lambert Achieves Target of 40% in Private Assets

In November 2021, GBL announced its moving towards a 40% allocation to private/alternative assets. GBL has now achieved that target with 40.8% of...

Jesus Rodriguez Aguilar

Selected European HoldCos and DLC: October'24 Report

Discounts to NAV of covered holdcos mainly widened during October. What seems interesting (unchanged views): Porsche SE vs. listed assets and the...

Jesus Rodriguez Aguilar

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)