European Event-Driven Analyst

Jesus Rodriguez Aguilar

Equity Bottom-Up

Universal Music Group NV / Equity Bottom-Up

<ul>
<li>Pershing Square has exited its entire UMG position following the rejection of its takeover proposal, reducing transaction optionality but removing a significant shareholder overhang that had weighed on the stock.</li>
<li>UMG repurchased €250m of shares at €17.66, providing a clear indication of management’s willingness to allocate capital at current levels and partially absorbing Pershing’s disposal.</li>
<li>The investment case now rests on standalone value realization rather than a transaction, supported by buybacks, strong fundamentals, and a cleaner shareholder structure following Pershing’s exit.</li>
</ul>


Pershing Square has exited its entire UMG position following the rejection of its takeover proposal, reducing transaction optionality but removing a significant shareholder overhang that had weighed on the stock.
UMG repurchased €250m of shares at €17.66, providing a clear indication of management’s willingness to allocate capital at current levels and partially absorbing Pershing’s disposal.
The investment case now rests on standalone value realization rather than a transaction, supported by buybacks, strong fundamentals, and a cleaner shareholder structure following Pershing’s exit.


Universal Music: Pershing Sells, UMG Buys

Podcast by Andrew Walker, a PM at Rangeley Capital, Yet Another Value Podcast

Yet Another Value Podcast

Podcast by Andrew Walker, a PM at Rangeley Capital

Yet Another Value Podcast is a new podcast from Andrew Walker, the founder of yetanothervalueblog.substack.com/. We interview top investors and dive deep into stocks and companies they are currently working on and investing in. While nothing on this channel is investing advice and everyone should do their own diligence, our goal is to frequently feature edgy and actionable value and/or event driven ideas. Please see our legal and disclaimer at: https://yetanothervalueblog.substack.com/p/legal-and-disclaimer

<ul><li>Valvoline is a vehicle service center focused on quick lube and basic maintenance services.</li><li>They have a new focus as a pure play company after divesting their global products business in 2023.</li><li>The team pitched Valvoline with a price target of $84, representing a 95% price upside and 22% IRR.</li></ul><p><em>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.</em></p>

Valvoline is a vehicle service center focused on quick lube and basic maintenance services.They have a new focus as a pure play company after divesting their global products business in 2023.The team pitched Valvoline with a price target of $84, representing a 95% price upside and 22% IRR.This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

Pershing Square Challenge 2024 winning team shares pitch on Valvoline $VVV

United Kingdom

Pershing Square Holdings Ltd is a closed-ended hedge fund vehicle incorporated in Guernsey. The Fund's objective is to preserve capital and to seek maximum, long-term capital appreciation commensurate with reasonable risk. The Fund seeks to achieve its investment  objective through long and short positions in equity or debt securities of public U.S. and non-U.S. issuers.

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Pershing Square Holdings (PSH LN)

Universal Music: Pershing Sells, UMG Buys

Pershing’s exit removes transaction optionality but also eliminates a major overhang. UMG’s €250m buyback at €17.66 shifts the focus back to...

Jesus Rodriguez Aguilar

Pershing Square Challenge 2024 winning team shares pitch on Valvoline $VVV

Valvoline is a vehicle service center operator and franchisor focusing on quick lube and maintenance services, with a recent divestment of its...

Yet Another Value Podcast

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