European Event-Driven Analyst

Jesus Rodriguez Aguilar

Event-Driven

<ul>
<li>Spreads have generally tightened across our liquid universe, 450 bps in the case of Volkswagen.</li>
<li>Recommendations Long ords / short prefs: Fuchs Petrolub, Henkel, Handelsbanken, Investor AB.</li>
<li>Recommendations Long prefs / short ords: BMW, Roche, Schroders, Telecom Italia, Volkswagen.</li>
</ul>


Spreads have generally tightened across our liquid universe, 450 bps in the case of Volkswagen.
Recommendations Long ords / short prefs: Fuchs Petrolub, Henkel, Handelsbanken, Investor AB.
Recommendations Long prefs / short ords: BMW, Roche, Schroders, Telecom Italia, Volkswagen.


Liquid Universe of European Ordinary and Preferred Shares: January '22 Report

<ul>
<li>The Discounts to NAV of covered holdcos mainly widened during April. Discounts to NAV: C.F.Alba, 49.1% (vs. 47.3%); GBL, 39% (vs. 38.1%); Heineken Holding, 17.3% (vs 16.7%); </li>
<li>Industrivärden C, 4.7% (vs. 1.4%); Investor B, 8.3% (vs. 6.1%); Porsche Automobile Holding, 41.1% (vs. 45.4%). Rio DLC spread tightened to 22.5% (vs. to 24.9%).</li>
<li>What seems interesting: Porsche SE vs. listed assets and the Rio DLC (long RIO LN/short RIO AU).</li>
</ul>


The Discounts to NAV of covered holdcos mainly widened during April. Discounts to NAV: C.F.Alba, 49.1% (vs. 47.3%); GBL, 39% (vs. 38.1%); Heineken Holding, 17.3% (vs 16.7%); 
Industrivärden C, 4.7% (vs. 1.4%); Investor B, 8.3% (vs. 6.1%); Porsche Automobile Holding, 41.1% (vs. 45.4%). Rio DLC spread tightened to 22.5% (vs. to 24.9%).
What seems interesting: Porsche SE vs. listed assets and the Rio DLC (long RIO LN/short RIO AU).


Selected European HoldCos and DLC: April'24 Report

<ul>
<li>The Discounts to NAV of covered holdcos mainly widened during March. Discounts to NAV: C.F.Alba, 47.3% (vs. 47.1%); GBL, 38.15 (vs. 37.7%); Heineken Holding, 16.7% (vs. 16.5%); </li>
<li>Industrivärden C, 1.4% (vs. 4.4%); Investor B, 6.1% (vs. 5.6%); Porsche Automobile Holding, 45.4% (vs. 43.7%). Rio DLC spread tightened to 24.9% (vs. 25.6%), and on 26 March reached 27.7%.</li>
<li>What seems interesting: listed assets vs. Industrivärden C and the Rio DLC (long RIO LN/short RIO AU).</li>
</ul>


The Discounts to NAV of covered holdcos mainly widened during March. Discounts to NAV: C.F.Alba, 47.3% (vs. 47.1%); GBL, 38.15 (vs. 37.7%); Heineken Holding, 16.7% (vs. 16.5%); 
Industrivärden C, 1.4% (vs. 4.4%); Investor B, 6.1% (vs. 5.6%); Porsche Automobile Holding, 45.4% (vs. 43.7%). Rio DLC spread tightened to 24.9% (vs. 25.6%), and on 26 March reached 27.7%.
What seems interesting: listed assets vs. Industrivärden C and the Rio DLC (long RIO LN/short RIO AU).


Selected European HoldCos and DLC: March'24 Report

<ul>
<li>The <strong>discounts to NAV of covered holdcos have mainly tightened during January</strong>. Discounts to NAV: C.F.Alba, 47.5% (vs. 49.1%); GBL, 37.1% (vs. 36.6%); Heineken Holding, 16.6% (vs. 16.7%); </li>
<li>Industrivärden C, 3.8% (vs. 5.4%); Investor B, 7.9% (vs. 13.5%); Porsche Automobile Holding, 42% (vs. 37.1%). The spread of Rio DLC widened to 25.2% (vs. 24.2%).</li>
<li>What seems interesting: in holding trades, GBL/vs. listed assets, Porsche SE/vs. listed assets and the Rio DLC: long RIO LN/short RIO AU.</li>
</ul>


The discounts to NAV of covered holdcos have mainly tightened during January. Discounts to NAV: C.F.Alba, 47.5% (vs. 49.1%); GBL, 37.1% (vs. 36.6%); Heineken Holding, 16.6% (vs. 16.7%); 
Industrivärden C, 3.8% (vs. 5.4%); Investor B, 7.9% (vs. 13.5%); Porsche Automobile Holding, 42% (vs. 37.1%). The spread of Rio DLC widened to 25.2% (vs. 24.2%).
What seems interesting: in holding trades, GBL/vs. listed assets, Porsche SE/vs. listed assets and the Rio DLC: long RIO LN/short RIO AU.


Selected European HoldCos and DLC: January’24 Report

<ul>
<li>The discounts to NAV of covered holdcos have mainly widened during December. Discounts to NAV: C.F.Alba, 49.1% (vs. 47.1%); GBL, 36.6% (vs. 34.9%); Heineken Holding, 16.7% (vs. 14.5%);</li>
<li>Industrivärden C, 5.4% (vs.4.9%); Investor B, 13.5% (vs. 14.6%); Porsche Automobile Holding, 37.1% (vs. 39.9%).  The spread of Rio DLC widened to 24.2% (vs.17.2%).</li>
<li>What seems interesting: in holding trades, Porsche SE/vs. listed assets and the Rio DLC: long RIO LN/short RIO AU.</li>
</ul>


The discounts to NAV of covered holdcos have mainly widened during December. Discounts to NAV: C.F.Alba, 49.1% (vs. 47.1%); GBL, 36.6% (vs. 34.9%); Heineken Holding, 16.7% (vs. 14.5%);
Industrivärden C, 5.4% (vs.4.9%); Investor B, 13.5% (vs. 14.6%); Porsche Automobile Holding, 37.1% (vs. 39.9%).  The spread of Rio DLC widened to 24.2% (vs.17.2%).
What seems interesting: in holding trades, Porsche SE/vs. listed assets and the Rio DLC: long RIO LN/short RIO AU.


Selected European HoldCos and DLC: December’23 Report

Germany

Porsche Automobil Holding SE is a holding company. The Company, through its subsidiaries, offers development, production, and sale of automobiles along with financial services. Porsche operates worldwide.

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Porsche Automobil Holding (PAH3 GR)

Liquid Universe of European Ordinary and Preferred Shares: January '22 Report

This report contains a table with a selection of European companies with non-voting shares and ordinary shares. Spreads have generally...

Jesus Rodriguez Aguilar

Selected European HoldCos and DLC: April'24 Report

The Discounts to NAV of covered holdcos mainly widened during April. What seems interesting: Porsche SE vs. listed assets and the Rio DLC (long RIO...

Jesus Rodriguez Aguilar

Selected European HoldCos and DLC: March'24 Report

Discounts to NAV of covered holdcos widened in March, with notable changes in C.F.Alba, GBL, Heineken Holding, Investor B, and Porsche Automobile...

Jesus Rodriguez Aguilar

Selected European HoldCos and DLC: January’24 Report

Discounts to NAV for covered holdcos mainly tightened in January. What seems interesting: Interesting trades: GBL vs. listed assets, Porsche SE...

Jesus Rodriguez Aguilar

Selected European HoldCos and DLC: December’23 Report

Discounts to NAV for covered holdcos have mainloy widened during December. What seems interesting: Porsche Automobile Holding and Rio DLC.

Jesus Rodriguez Aguilar

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Liquid Universe of European Ordinary and Preferred Shares: January '22 Report

This report contains a table with a selection of European companies with non-voting shares and ordinary shares. Spreads have generally...

Jesus Rodriguez Aguilar

Selected European HoldCos and DLC: April'24 Report

The Discounts to NAV of covered holdcos mainly widened during April. What seems interesting: Porsche SE vs. listed assets and the Rio DLC (long RIO...

Jesus Rodriguez Aguilar

Selected European HoldCos and DLC: March'24 Report

​Discounts to NAV of covered holdcos widened in March, with notable changes in C.F.Alba, GBL, Heineken Holding, Investor B, and Porsche Automobile...

Jesus Rodriguez Aguilar

Selected European HoldCos and DLC: January’24 Report

​Discounts to NAV for covered holdcos mainly tightened in January. What seems interesting: Interesting trades: GBL vs. listed assets, Porsche SE...

Jesus Rodriguez Aguilar

Selected European HoldCos and DLC: December’23 Report

​Discounts to NAV for covered holdcos have mainloy widened during December. What seems interesting: Porsche Automobile Holding and Rio DLC.

Jesus Rodriguez Aguilar

Discounts to NAV of covered holdcos widened in March, with notable changes in C.F.Alba, GBL, Heineken Holding, Investor B, and Porsche Automobile...

Discounts to NAV for covered holdcos mainly tightened in January. What seems interesting: Interesting trades: GBL vs. listed assets, Porsche SE...

Discounts to NAV for covered holdcos have mainloy widened during December. What seems interesting: Porsche Automobile Holding and Rio DLC.