European Event-Driven Analyst

Jesus Rodriguez Aguilar

Event-Driven

<ul>
<li>Dual-Class spreads tightened in November, with convergence trades resurfacing as volatility falls and liquidity normalises.</li>
<li>MFE, Grifols and Henkel offer the cleanest A/B convergence setups into year-end.</li>
<li>Nordic anomalies persist: Handelsbanken’s extreme premium and SSAB’s micro-discount remain the strongest dispersion opportunities.</li>
</ul>


Dual-Class spreads tightened in November, with convergence trades resurfacing as volatility falls and liquidity normalises.
MFE, Grifols and Henkel offer the cleanest A/B convergence setups into year-end.
Nordic anomalies persist: Handelsbanken’s extreme premium and SSAB’s micro-discount remain the strongest dispersion opportunities.


Liquid Universe of European Ordinary and Preferred Shares: November'25 Report

<ul>
<li>Across Europe’s dual-class names, spreads mixed: Henkel prefs 9.1%, Atlas Copco B-to-A 11.8%, BMW prefs 7.1%; wideners include Handelsbanken B at 73%, Sixt prefs 27%.</li>
<li>Drivers: liquidity, index flows, and deleveraging—Volkswagen prefs benefit from yield and DAX flows; MFE discount narrows post-ProSieben; Handelsbanken and Fuchs remain valuation anomalies.</li>
<li>Actionables: long MFE A/B, Grifols B/A, Henkel ords/prefs, Volkswagen prefs/ords; fade Handelsbanken B; monitor Investor, Industrivärden, and Volvo parity.</li>
</ul>


Across Europe’s dual-class names, spreads mixed: Henkel prefs 9.1%, Atlas Copco B-to-A 11.8%, BMW prefs 7.1%; wideners include Handelsbanken B at 73%, Sixt prefs 27%.
Drivers: liquidity, index flows, and deleveraging—Volkswagen prefs benefit from yield and DAX flows; MFE discount narrows post-ProSieben; Handelsbanken and Fuchs remain valuation anomalies.
Actionables: long MFE A/B, Grifols B/A, Henkel ords/prefs, Volkswagen prefs/ords; fade Handelsbanken B; monitor Investor, Industrivärden, and Volvo parity.


Liquid Universe of European Ordinary and Preferred Shares: October'25 Report

<ul>
<li>Across Europe’s dual-class names, spreads mostly tightened: Atlas Copco B-to-A 10.8%, BMW prefs 7.2%, Volvo at par; notable wideners include Carlsberg B at 19.5% discount and SSAB B at 2.6%.</li>
<li>Drivers include index inclusion, liquidity and control: Volkswagen prefs gain from flows and €0.06 dividend uplift; Telecom Italia savings widen on arrears prospects; Handelsbanken and Fuchs maintain puzzling elevated premiums.</li>
<li>Actionables: long MFE A versus B as ProSieben settlement lifts liquidity; Grifols B versus A on deleveraging; Henkel ords versus prefs; Volkswagen prefs versus ords; monitor Ericsson, Investor, Industrivärden parity.</li>
</ul>


Across Europe’s dual-class names, spreads mostly tightened: Atlas Copco B-to-A 10.8%, BMW prefs 7.2%, Volvo at par; notable wideners include Carlsberg B at 19.5% discount and SSAB B at 2.6%.
Drivers include index inclusion, liquidity and control: Volkswagen prefs gain from flows and €0.06 dividend uplift; Telecom Italia savings widen on arrears prospects; Handelsbanken and Fuchs maintain puzzling elevated premiums.
Actionables: long MFE A versus B as ProSieben settlement lifts liquidity; Grifols B versus A on deleveraging; Henkel ords versus prefs; Volkswagen prefs versus ords; monitor Ericsson, Investor, Industrivärden parity.


Liquid Universe of European Ordinary and Preferred Shares: September'25 Report

<ul>
<li>MFE: A versus B discount widened to 32.2%. ProSiebenSat.1 tender issues new A shares, lifting A voting share from 12.64% toward ~19% at full take-up, supporting medium-term convergence.</li>
<li>Handelsbanken: B shares trade at a 62% premium despite far lower votes (ratio 55.17) and liquidity; history suggests mean reversion—bias long A / short B.</li>
<li>Telecom Italia: savings premium 11.4%. Three years of unpaid €0.0275 dividends (€0.0825 arrears). Payouts guided from 2026; Poste Italiane now largest shareholder, reinforcing governance stability.</li>
</ul>


MFE: A versus B discount widened to 32.2%. ProSiebenSat.1 tender issues new A shares, lifting A voting share from 12.64% toward ~19% at full take-up, supporting medium-term convergence.
Handelsbanken: B shares trade at a 62% premium despite far lower votes (ratio 55.17) and liquidity; history suggests mean reversion—bias long A / short B.
Telecom Italia: savings premium 11.4%. Three years of unpaid €0.0275 dividends (€0.0825 arrears). Payouts guided from 2026; Poste Italiane now largest shareholder, reinforcing governance stability.


Liquid Universe of European Ordinary and Preferred Shares: August '25 Report

<ul>
<li>Since mid-June, share price spreads have generally widened across the European liquid universe of ordinary and preferred shares, with 6 tightening and 13 widening.</li>
<li>The premium of non-voting, less liquid Handelsbanken B shares vs. A has widened to 59.2%; the discount of Grifols B has widened (Brookfield’s approach remains tentative and non-committal).</li>
<li>Recommended trades long preferred/short ords: Atlas Copco, BMW, Grifols, MFE Media-for-Europe. Recommended trades long ordinary / short preferred shares: Handelsbanken, Henkel.</li>
</ul>


Since mid-June, share price spreads have generally widened across the European liquid universe of ordinary and preferred shares, with 6 tightening and 13 widening.
The premium of non-voting, less liquid Handelsbanken B shares vs. A has widened to 59.2%; the discount of Grifols B has widened (Brookfield’s approach remains tentative and non-committal).
Recommended trades long preferred/short ords: Atlas Copco, BMW, Grifols, MFE Media-for-Europe. Recommended trades long ordinary / short preferred shares: Handelsbanken, Henkel.


Liquid Universe of European Ordinary and Preferred Shares: July '25 Report

Italy

Telecom Italia S.p.A., through subsidiaries, offers fixed line and mobile telephone and data transmission services in Italy and abroad. The Company offers local and long-distance telephone, satellite communications, Internet access, and teleconferencing services.

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Telecom Italia SpA/Milano (TITR IM)

Liquid Universe of European Ordinary and Preferred Shares: November'25 Report

Dual-class spreads tightened in November as liquidity improved. MFE, Grifols and Henkel lead convergence opportunities, while Nordic...

Jesus Rodriguez Aguilar

Liquid Universe of European Ordinary and Preferred Shares: October'25 Report

European dual-class spreads diverged in October; liquidity and control themes dominate. Favor convergence longs (MFE, Grifols, Henkel, VW), fade...

Jesus Rodriguez Aguilar

Liquid Universe of European Ordinary and Preferred Shares: September'25 Report

This month’s color: MFE A/B narrows on ProSieben; VW prefs outpace ords; Atlas Copco & BMW tighten; Carlsberg B and SSAB B widen; TIM savings bid...

Jesus Rodriguez Aguilar

Liquid Universe of European Ordinary and Preferred Shares: August '25 Report

Across Europe’s liquid dual-class universe, share-price spreads have mainly tightened. Convergence plays: MFE A/B as A votes rise; TIM savings...

Jesus Rodriguez Aguilar

Liquid Universe of European Ordinary and Preferred Shares: July '25 Report

Since mid-June, share price spreads have generally widened across the European liquid universe of ordinary and preferred shares, with 6 tightening...

Jesus Rodriguez Aguilar

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)