European Event-Driven Analyst

Jesus Rodriguez Aguilar

Event-Driven

<ul>
<li>Discounts to NAV of covered holdcos have all widened during April: Alba, to 39%; GBL to 34.9%; Heineken Holdings to 21%; Industrivärden C to 15.4%; Investor B to 16%;</li>
<li>Porsche Automobile Holding to 32%. Rio Tinto DLC widened to 13.3%. Spreads tend to widen in bear markets but short term recoveries provide opportunities to bet on tightening discounts.</li>
<li>Recommended trades: GBL vs. listed assets, Industrivärden C vs. listed assets, Investor B vs. listed assets; Porsche vs. VW (long 1 PAH3 GR/short 0.5136 VOW GR), Rio Tinto (DLC).</li>
</ul>


Discounts to NAV of covered holdcos have all widened during April: Alba, to 39%; GBL to 34.9%; Heineken Holdings to 21%; Industrivärden C to 15.4%; Investor B to 16%;
Porsche Automobile Holding to 32%. Rio Tinto DLC widened to 13.3%. Spreads tend to widen in bear markets but short term recoveries provide opportunities to bet on tightening discounts.
Recommended trades: GBL vs. listed assets, Industrivärden C vs. listed assets, Investor B vs. listed assets; Porsche vs. VW (long 1 PAH3 GR/short 0.5136 VOW GR), Rio Tinto (DLC).


Selected European Holdcos and DLCs: May ‘22 Report

<ul>
<li>Spreads have generally tightened across our liquid universe, in line with the recent market gains.</li>
<li>Recommendations long ords / short prefs: 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>


Spreads have generally tightened across our liquid universe, in line with the recent market gains.
Recommendations long ords / short prefs: 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: May '22 Report

<ul>
<li>Spreads have generally tightened across our liquid universe, in line with the recent market gains.</li>
<li>Recommendations Long ords / short prefs: Fuchs Petrolub, Svenska Handelsbanken, Ericsson.</li>
<li>Recommendations Long prefs / short ords: Danieli, Sixt, Atlas Copco, Grifols, Telecom Italia, Volvo AB, Volkswagen, Schroders.</li>
</ul>


Spreads have generally tightened across our liquid universe, in line with the recent market gains.
Recommendations Long ords / short prefs: Fuchs Petrolub, Svenska Handelsbanken, Ericsson.
Recommendations Long prefs / short ords: Danieli, Sixt, Atlas Copco, Grifols, Telecom Italia, Volvo AB, Volkswagen, Schroders.


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

Porsche Automobil Holding  / Event-Driven

<ul>
<li>Discounts to NAV of holdcos have generally tightened during March: Alba, widened to 40.3%; GBL tightened to 30.7%; Heineken Holdings tightened to 17.7%; Industrivärden C tightened to 6.2%;</li>
<li>Investor B tightened to 5.7%; Porsche Automobile Holding (FY 2021 results) widened to 28.8%. There is just one DLC left in this report, Rio Tinto.</li>
<li>Recommended trades: GBL vs. listed assets, Porsche vs. VW (long 1 PAH3 GR/short 0.5136 VOW GR), Rio Tinto.</li>
</ul>


Discounts to NAV of holdcos have generally tightened during March: Alba, widened to 40.3%; GBL tightened to 30.7%; Heineken Holdings tightened to 17.7%; Industrivärden C tightened to 6.2%;
Investor B tightened to 5.7%; Porsche Automobile Holding (FY 2021 results) widened to 28.8%. There is just one DLC left in this report, Rio Tinto.
Recommended trades: GBL vs. listed assets, Porsche vs. VW (long 1 PAH3 GR/short 0.5136 VOW GR), Rio Tinto.


Selected European Holdcos and DLCs: March ‘22 Report

<ul>
<li>Spreads have generally widened across our liquid universe in line with the recent market turmoil.</li>
<li>Recommendations Long ords / short prefs: Fuchs Petrolub, Henkel, Handelsbanken.</li>
<li>Recommendations Long prefs / short ords: Atalas Copco, Grifols, Investor AB, SSAB, Telecom Italia (takeover interest), Volkswagen, is Schroders near the bottom?</li>
</ul>


Spreads have generally widened across our liquid universe in line with the recent market turmoil.
Recommendations Long ords / short prefs: Fuchs Petrolub, Henkel, Handelsbanken.
Recommendations Long prefs / short ords: Atalas Copco, Grifols, Investor AB, SSAB, Telecom Italia (takeover interest), Volkswagen, is Schroders near the bottom?


Liquid Universe of European Ordinary and Preferred Shares: March '22 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)

Selected European Holdcos and DLCs: May ‘22 Report

The discounts to NAV of all holdcos covered in this monthly insight have all widened. It seems a good time to bet on tightening discounts on short...

Jesus Rodriguez Aguilar

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

Spreads have generally tightened across our liquid universe, in line with the recent market gains. Schroders announced a share class unification.

Jesus Rodriguez Aguilar

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

Spreads have generally tightened across our liquid universe in line with the recent market gains. Danieli, Media for Europe, Schroders and Sixt...

Jesus Rodriguez Aguilar

Selected European Holdcos and DLCs: March ‘22 Report

Discounts to NAV of covered European holdcos have generally tightened during March. Recommended trades: GBL vs. listed assets, Porsche vs. VW (long...

Jesus Rodriguez Aguilar

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

Spreads have generally widened across our liquid universe in line with the recent market turmoil. Schroders non-voting and Sixt prefs. stand out...

Jesus Rodriguez Aguilar

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