European Event-Driven Analyst

Jesus Rodriguez Aguilar

Event-Driven

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

<ul>
<li>TL5 holdouts have exposed themselves to being trapped by MFE, which has already shown in the past that it has no qualms about running its subsidiary for its own interests.</li>
<li>The implied exchange values the audiovisual business of TL% at 1.2 EV/22eEBITDA TL5/MFEA spread is +3.02%, I would wait for it to turn negative to open a position.</li>
<li>MFE A shares are trading at a 34.7% discount, which seems excessive nevertheless. With more A shares coming in the market (and higher liquidity), I would be long MFEA/short MFEB.</li>
</ul>


TL5 holdouts have exposed themselves to being trapped by MFE, which has already shown in the past that it has no qualms about running its subsidiary for its own interests.
The implied exchange values the audiovisual business of TL% at 1.2 EV/22eEBITDA TL5/MFEA spread is +3.02%, I would wait for it to turn negative to open a position.
MFE A shares are trading at a 34.7% discount, which seems excessive nevertheless. With more A shares coming in the market (and higher liquidity), I would be long MFEA/short MFEB.


MFE/​Mediaset España: Merger Approval, Spread and Delisting

Italy

MFE-MediaForEurope N.V. is a holding company. The Company, through its subsidiaries, operates television broadcasting, television production, signal broadcasting management, and music production businesses, as well as television stations. MFE-MediaForEurope serves customers in Europe.

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MFE-MediaForEurope (MFEA IM)

MFE/Mediaset España: Merger Approval, Spread and Delisting

TL5 holdouts have exposed themselves to being trapped by MFE, which has already shown in the past that it has no qualms about running its...

Jesus Rodriguez Aguilar

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

MFE/​Mediaset España: Merger Approval, Spread and Delisting

TL5 holdouts have exposed themselves to being trapped by MFE, which has already shown in the past that it has no qualms about running its...

Jesus Rodriguez Aguilar

MFE/Mediaset España: Merger Approval, Spread and Delisting