European Event-Driven Analyst

Jesus Rodriguez Aguilar

Event-Driven

<ul>
<li>Mid-August saw renewed dispersion across Europe’s dual-class universe. Handelsbanken tightened sharply, but widening in Fuchs, Sixt, Media-for-Europe and Danieli pushed the mean spread further negative.</li>
<li>Convergence remained highly selective: Carlsberg and Handelsbanken retraced materially, while several previously wide discounts moved in the opposite direction.</li>
<li>Grifols shareholders have authorised cancellation of treasury A and B shares, while Schindler has expanded its dual-class buyback programme to CHF700m.</li>
</ul>


Mid-August saw renewed dispersion across Europe’s dual-class universe. Handelsbanken tightened sharply, but widening in Fuchs, Sixt, Media-for-Europe and Danieli pushed the mean spread further negative.
Convergence remained highly selective: Carlsberg and Handelsbanken retraced materially, while several previously wide discounts moved in the opposite direction.
Grifols shareholders have authorised cancellation of treasury A and B shares, while Schindler has expanded its dual-class buyback programme to CHF700m.


Liquid Universe of European Ordinary and Preferred Shares: August '26 Report

Equity Long-Short Analyst

Pyari Menon

Thematic (Sector/Industry)

<ul>
<li>The companies that are best positioned to take advantage of the 5G growth are a mix of equipment vendors, chipset companies, device makers, and enterprise solution providers. </li>
<li>The top ten companies to benefit from 5G rollout based on innovation and citation count are Samsung Electronics, Qualcomm, LG Electronics, AT&amp;T, Huawei, Intel, Google, Ericsson, Apple, and Nokia 
</li>
<li>A stand-out in 5G technology rankings is <a href="https://www.smartkarma.com/entities/lg-electronics-inc" target="_blank" data-smartkarma-citation="entities:8814:1" rel="noopener">LG Electronics (066570 KS)</a> which is punching well above its current market share in the industry. </li>
</ul>


The companies that are best positioned to take advantage of the 5G growth are a mix of equipment vendors, chipset companies, device makers, and enterprise solution providers. 
The top ten companies to benefit from 5G rollout based on innovation and citation count are Samsung Electronics, Qualcomm, LG Electronics, AT&amp;T, Huawei, Intel, Google, Ericsson, Apple, and Nokia 

A stand-out in 5G technology rankings is LG Electronics (066570 KS) which is punching well above its current market share in the industry. 


Stock Ideas from Data Mining Technical Publications: A Look at 5G

<ul>
<li>Mid-July saw aggregate dispersion widen across Europe’s liquid dual-class universe. Median and mean became more negative as widening in Media-for-Europe and Grifols outweighed convergence across several structurally wide positive-premium pairs.</li>
<li>Convergence nevertheless remained broad beneath the headline statistics. Handelsbanken, Schindler, Henkel, Fuchs, Sixt and Carlsberg all tightened, reinforcing the episodic rather than linear character of ordinary/preference-share relative value.</li>
<li>BMW exits the universe following the conversion of all preferreds into ordinary shares and termination of preferred-share trading, marking the second major capital-structure resolution in consecutive months after Telecom Italia.</li>
</ul>


Mid-July saw aggregate dispersion widen across Europe’s liquid dual-class universe. Median and mean became more negative as widening in Media-for-Europe and Grifols outweighed convergence across several structurally wide positive-premium pairs.
Convergence nevertheless remained broad beneath the headline statistics. Handelsbanken, Schindler, Henkel, Fuchs, Sixt and Carlsberg all tightened, reinforcing the episodic rather than linear character of ordinary/preference-share relative value.
BMW exits the universe following the conversion of all preferreds into ordinary shares and termination of preferred-share trading, marking the second major capital-structure resolution in consecutive months after Telecom Italia.


Liquid Universe of European Ordinary and Preferred Shares: July '26 Report

<ul>
<li>June was broadly directionless. The median tightened modestly, while the mean was essentially unchanged as convergence in Volkswagen and Roche was offset by widening in Danieli, Sixt and Carlsberg.</li>
<li>Liquidity-Driven convergence remained selective. Media for Europe, Roche and Volkswagen tightened further, while structurally constrained spreads such as Handelsbanken and Danieli remained firmly anchored.</li>
<li>Telecom Italia exits the universe following completion of the savings-share conversion, leaving ownership structure and implementation constraints as the primary drivers of European dual-class dispersion.</li>
</ul>


June was broadly directionless. The median tightened modestly, while the mean was essentially unchanged as convergence in Volkswagen and Roche was offset by widening in Danieli, Sixt and Carlsberg.
Liquidity-Driven convergence remained selective. Media for Europe, Roche and Volkswagen tightened further, while structurally constrained spreads such as Handelsbanken and Danieli remained firmly anchored.
Telecom Italia exits the universe following completion of the savings-share conversion, leaving ownership structure and implementation constraints as the primary drivers of European dual-class dispersion.


Liquid Universe of European Ordinary and Preferred Shares: June '26 Report

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

The “Big” rally has now faded less than a week from its start. While many point to a robust economy, strong GDP, and a strengthening U.S. dollar as the bellwether of global currencies, something seems amiss. Higher interest rates have doused the market’s advance, with 10-year yields double what they once were just three years ago. Investors are being jostled about as a determination is made as to whether the Fed has gone too far and too fast. Our concern here is that the Fed is creating a conundrum, indicating that higher rates are still forthcoming despite what we, and the market, are viewing as the possible end of the bull market...In our November Strategy publication, we outline a host of indicators we are watching for signs of the market's health.  In addition we highlight a number of actionable setups within Health care, Consumer Staples and Technology.

The “Big” rally has now faded less than a week from its start. While many point to a robust economy, strong GDP, and a strengthening U.S. dollar as the bellwether of global currencies, something seems amiss. Higher interest rates have doused the market’s advance, with 10-year yields double what they once were just three years ago. Investors are being jostled about as a determination is made as to whether the Fed has gone too far and too fast. Our concern here is that the Fed is creating a conundrum, indicating that higher rates are still forthcoming despite what we, and the market, are viewing as the possible end of the bull market...In our November Strategy publication, we outline a host of indicators we are watching for signs of the market's health.  In addition we highlight a number of actionable setups within Health care, Consumer Staples and Technology.

U.S. Equity Strategy & Sector Commentaries: Defensive Sectors Leading = Unhealthy Market

Sweden

Telefonaktiebolaget LM Ericsson develops and manufactures network equipment and software, as well as services for network and business operations. The Company's portfolio also includes products for the enterprise, cable, mobile platform and power module markets.

Telefonaktiebolaget Lm Ericsso (ERICB SS)

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Telefonaktiebolaget Lm Ericsso (ERICB SS)

Liquid Universe of European Ordinary and Preferred Shares: August '26 Report

August brought fresh dispersion across Europe's dual-class shares, creating new relative-value opportunities while corporate actions remain an...

Jesus Rodriguez Aguilar

Stock Ideas from Data Mining Technical Publications: A Look at 5G

5G connectivity is expected to spawn new business and services across sectors. We review the technological positioning of companies competing in...

Pyari Menon

Liquid Universe of European Ordinary and Preferred Shares: July '26 Report

-July widened dispersion across Europe’s dual-class universe, yet selective convergence persisted beneath the surface. Structural anomalies...

Jesus Rodriguez Aguilar

Liquid Universe of European Ordinary and Preferred Shares: June '26 Report

June brought renewed divergence across European ord/pref pairs. Structural outliers widened, convergence became more selective, and implementation...

Jesus Rodriguez Aguilar

U.S. Equity Strategy & Sector Commentaries: Defensive Sectors Leading = Unhealthy Market

The “Big” rally has now faded less than a week from its start. While many point to a robust economy, strong GDP, and a strengthening U.S. dollar as...

Vermilion Research

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52-week Range

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