European Event-Driven Analyst

Jesus Rodriguez Aguilar

Event-Driven

<ul>
<li>Since mid-August, spreads have shown a mixed performance across our liquid universe with a slight bias towards tightening (with the exception of German shares, which have generally widened).</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, Grifols, Atlas Copco.</li>
</ul>


Since mid-August, spreads have shown a mixed performance across our liquid universe with a slight bias towards tightening (with the exception of German shares, which have generally widened).
Trade recommendations long ords / short prefs: Fuchs Petrolub, SSAB Svenska Stal.
Recommendations Long prefs / short ords: Sixt, VW, MFE-Media for Europe, Grifols, Atlas Copco.


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

<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>There has not been a clear trend regarding premiums and discounts across our liquid universe since mid June. I highlight the widening discounts in Investor AB, Roche and Volkswagen.</li>
<li>Trade recommendations long ords / short prefs: Fuchs Petrolub, SSAB.
</li>
<li>Recommendations long prefs / short ords: Sixt, VW, MFE, Ericsson, Schroders.</li>
</ul>


There has not been a clear trend regarding premiums and discounts across our liquid universe since mid June. I highlight the widening discounts in Investor AB, Roche and Volkswagen.
Trade recommendations long ords / short prefs: Fuchs Petrolub, SSAB.

Recommendations long prefs / short ords: Sixt, VW, MFE, Ericsson, Schroders.


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

Mediaset España Comunicación, S.A. / Event-Driven

Mediaset España Comunicación, S.A. (TL5 SM)

<ul>
<li>MFE waived the minimum acceptance condition of the takeover bid for Mediaset España and acquired all of the shares that accepted the offer (27.23% of the share capital).</li>
<li>MFE will own 82.92% (thus not reaching squeeze-out threshold), the stock is much less liquid now. TV advertising looks increasingly grim in Spain. I would be short up to €2.8/share.</li>
<li>MFE A shares are trading at a 30% discount, which seems excessive. With more A shares coming in the market (and higher liquidity), I would be long MFEA/short MFEB.</li>
</ul>


MFE waived the minimum acceptance condition of the takeover bid for Mediaset España and acquired all of the shares that accepted the offer (27.23% of the share capital).
MFE will own 82.92% (thus not reaching squeeze-out threshold), the stock is much less liquid now. TV advertising looks increasingly grim in Spain. I would be short up to €2.8/share.
MFE A shares are trading at a 30% discount, which seems excessive. With more A shares coming in the market (and higher liquidity), I would be long MFEA/short MFEB.


MFE/Mediaset España: Offer Results and Trade Ideas

<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

Italy

MFE-MediaForEurope NV is an international holding company specializing in free-to-air and pay-TV production and distribution across multiple platforms, alongside film and multimedia production, distribution, and advertising sales. The company offers commercial television, radio, digital, and on-demand services, and is a major shareholder in European broadcasters. It was founded in 2021 and has its headquarters in Cologno Monzese, Italy, with a registered office in Amsterdam, Netherlands.

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MFE-MediaForEurope (MFEB IM)

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

Since mid-August, spreads have shown a mixed performance across our liquid universe with a slight bias towards tightening (with the exception of...

Jesus Rodriguez Aguilar

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

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

There has not been a clear trend regarding premiums and discounts across our liquid universe since mid June. I highlight the widening discounts in...

Jesus Rodriguez Aguilar

MFE/Mediaset España: Offer Results and Trade Ideas

MFE waived the minimum acceptance condition and will own 82.92%. The stock is less liquid now, which together with increasingly grim prospects...

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

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