European Event-Driven Analyst

Jesus Rodriguez Aguilar

Event-Driven

<ul>
<li>Mid-August saw renewed dispersion across Europe’s dual-class universe. Handelsbanken tightened sharply, but widening in Fuchs, Sixt, Media-for-Europe and Danieli pushed the mean spread further negative.</li>
<li>Convergence remained highly selective: Carlsberg and Handelsbanken retraced materially, while several previously wide discounts moved in the opposite direction.</li>
<li>Grifols shareholders have authorised cancellation of treasury A and B shares, while Schindler has expanded its dual-class buyback programme to CHF700m.</li>
</ul>


Mid-August saw renewed dispersion across Europe’s dual-class universe. Handelsbanken tightened sharply, but widening in Fuchs, Sixt, Media-for-Europe and Danieli pushed the mean spread further negative.
Convergence remained highly selective: Carlsberg and Handelsbanken retraced materially, while several previously wide discounts moved in the opposite direction.
Grifols shareholders have authorised cancellation of treasury A and B shares, while Schindler has expanded its dual-class buyback programme to CHF700m.


Liquid Universe of European Ordinary and Preferred Shares: August '26 Report

<ul>
<li>Mid-July saw aggregate dispersion widen across Europe’s liquid dual-class universe. Median and mean became more negative as widening in Media-for-Europe and Grifols outweighed convergence across several structurally wide positive-premium pairs.</li>
<li>Convergence nevertheless remained broad beneath the headline statistics. Handelsbanken, Schindler, Henkel, Fuchs, Sixt and Carlsberg all tightened, reinforcing the episodic rather than linear character of ordinary/preference-share relative value.</li>
<li>BMW exits the universe following the conversion of all preferreds into ordinary shares and termination of preferred-share trading, marking the second major capital-structure resolution in consecutive months after Telecom Italia.</li>
</ul>


Mid-July saw aggregate dispersion widen across Europe’s liquid dual-class universe. Median and mean became more negative as widening in Media-for-Europe and Grifols outweighed convergence across several structurally wide positive-premium pairs.
Convergence nevertheless remained broad beneath the headline statistics. Handelsbanken, Schindler, Henkel, Fuchs, Sixt and Carlsberg all tightened, reinforcing the episodic rather than linear character of ordinary/preference-share relative value.
BMW exits the universe following the conversion of all preferreds into ordinary shares and termination of preferred-share trading, marking the second major capital-structure resolution in consecutive months after Telecom Italia.


Liquid Universe of European Ordinary and Preferred Shares: July '26 Report

<ul>
<li>Italian savings shares (azioni di risparmio) are non-voting stocks offering higher dividend yields. They prioritize income over governance influence, appealing to investors who prefer steady returns over company decision-making power.</li>
<li>Ordinary shares command higher prices due to voting rights and control, while preference shares are valued lower. In Italy, control is highly valued, thus a significant premium for ordinary shares.</li>
<li>Following mandatory conversions, the two remaining  tradable situations are Danieli (whose mandatory October 2020 conversion seems postponed) and Telecom Italia, trading at a premium awaiting dividends in arrears.</li>
</ul>


Italian savings shares (azioni di risparmio) are non-voting stocks offering higher dividend yields. They prioritize income over governance influence, appealing to investors who prefer steady returns over company decision-making power.
Ordinary shares command higher prices due to voting rights and control, while preference shares are valued lower. In Italy, control is highly valued, thus a significant premium for ordinary shares.
Following mandatory conversions, the two remaining  tradable situations are Danieli (whose mandatory October 2020 conversion seems postponed) and Telecom Italia, trading at a premium awaiting dividends in arrears.


<ul>
<li>Since mid-November, spreads have generally widened across our European liquid universe of ordinary and preferred shares (9 have tightened, 10 widened).</li>
<li>Recommended trades long preferred / short ordinary shares: Media-for-Europe, Sixt, Volkswagen (still the most interesting situation).</li>
<li>Recommended trades long ordinary / short preferred shares: Fuchs, Henkel, SSAB Svenska Stal.</li>
</ul>


Since mid-November, spreads have generally widened across our European liquid universe of ordinary and preferred shares (9 have tightened, 10 widened).
Recommended trades long preferred / short ordinary shares: Media-for-Europe, Sixt, Volkswagen (still the most interesting situation).
Recommended trades long ordinary / short preferred shares: Fuchs, Henkel, SSAB Svenska Stal.


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

<ul>
<li>2025 delivered dispersion without repricing: median dual-class spreads remained stable while cross-sectional dispersion widened, driven by a small number of structural outliers.</li>
<li>Liquidity and structure dominated outcomes: convergence worked episodically where economics were identical, while ownership concentration and borrow constraints overwhelmed valuation in select names.</li>
<li>Opportunities persist into 2026: tradable convergence remains viable in liquid pairs, while structural anomalies continue to define dispersion risk rather than governance fundamentals.</li>
</ul>


2025 delivered dispersion without repricing: median dual-class spreads remained stable while cross-sectional dispersion widened, driven by a small number of structural outliers.
Liquidity and structure dominated outcomes: convergence worked episodically where economics were identical, while ownership concentration and borrow constraints overwhelmed valuation in select names.
Opportunities persist into 2026: tradable convergence remains viable in liquid pairs, while structural anomalies continue to define dispersion risk rather than governance fundamentals.


2025 in Review: Liquid Universe of European Ordinary and Preferred Shares

Italy

MFE-MediaForEurope is a multinational media and communications company specializing in free-to-air and pay-TV production and distribution across multiple platforms, as well as film and multimedia production and distribution, and advertising sales. The company operates numerous television and radio channels in Italy, Spain, and Germany. MFE-MediaForEurope N.V. was incorporated in 1987 and is headquartered in Milan, Italy.

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MFE-MediaForEurope (MFEA IM)

Liquid Universe of European Ordinary and Preferred Shares: August '26 Report

August brought fresh dispersion across Europe's dual-class shares, creating new relative-value opportunities while corporate actions remain an...

Jesus Rodriguez Aguilar

Liquid Universe of European Ordinary and Preferred Shares: July '26 Report

-July widened dispersion across Europe’s dual-class universe, yet selective convergence persisted beneath the surface. Structural anomalies...

Jesus Rodriguez Aguilar

Italian Savings Shares

Italian savings shares are non-voting stocks offering higher dividend yields. They prioritize income over governance influence, appealing to...

Jesus Rodriguez Aguilar

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

Since mid-November, spreads have generally widened across our European liquid universe of ordinary and preferred shares (9 have tightened, 10...

Jesus Rodriguez Aguilar

2025 in Review: Liquid Universe of European Ordinary and Preferred Shares

2025 saw dispersion without repricing in Europe’s dual-class stocks: a stable median hid sharp, liquidity-driven divergences, with convergence...

Jesus Rodriguez Aguilar

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