European Event-Driven Analyst

Jesus Rodriguez Aguilar

Event-Driven

<ul>
<li>Since mid-November, spreads have generally widened across our European liquid universe of ordinary and preferred shares (9 have tightened, 10 widened).</li>
<li>Recommended trades long preferred / short ordinary shares: Media-for-Europe, Sixt, Volkswagen (still the most interesting situation).</li>
<li>Recommended trades long ordinary / short preferred shares: Fuchs, Henkel, SSAB Svenska Stal.</li>
</ul>


Since mid-November, spreads have generally widened across our European liquid universe of ordinary and preferred shares (9 have tightened, 10 widened).
Recommended trades long preferred / short ordinary shares: Media-for-Europe, Sixt, Volkswagen (still the most interesting situation).
Recommended trades long ordinary / short preferred shares: Fuchs, Henkel, SSAB Svenska Stal.


Liquid Universe of European Ordinary and Preferred Shares: December‘23 Report

Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

Equity Capital Markets

<ul>
<li>Mobvoi, an emerging AIGC market player in China, set terms for an IPO and plans to raise ~HK$330M (~$42M) in Hong Kong. CICC and CMB International are leading the offering.</li>
<li>The initial public offering is expected to be between HK$3.70 and HK$4.10. At the midpoint of the range, Mobvoi has a market value of ~HK$5.8B based on 1491.5M outstanding shares.</li>
<li>In my insight, I discuss valuation framework for comparable company analysis and outline revenue growth scenarios for each business segment under my base case.</li>
</ul>


Mobvoi, an emerging AIGC market player in China, set terms for an IPO and plans to raise ~HK$330M (~$42M) in Hong Kong. CICC and CMB International are leading the offering.
The initial public offering is expected to be between HK$3.70 and HK$4.10. At the midpoint of the range, Mobvoi has a market value of ~HK$5.8B based on 1491.5M outstanding shares.
In my insight, I discuss valuation framework for comparable company analysis and outline revenue growth scenarios for each business segment under my base case.


Upcoming Mobvoi’s Debut: Downsized IPO Despite Hyper-Growth In AIGC Business Segment

<ul>
<li>Since mid-October, spreads have generally widened across our European liquid universe of ordinary and preferred shares (8 have tightened, 10 widened, 1 at same level).</li>
<li>Recommended trades long preferred / short ordinary shares: Media-for-Europe, Sixt, Volkswagen (still the most interesting situation), Grifols, Atlas Copco.</li>
<li>Recommended trades long ordinary / short preferred shares: Fuchs, SSAB Svenska Stal.</li>
</ul>


Since mid-October, spreads have generally widened across our European liquid universe of ordinary and preferred shares (8 have tightened, 10 widened, 1 at same level).
Recommended trades long preferred / short ordinary shares: Media-for-Europe, Sixt, Volkswagen (still the most interesting situation), Grifols, Atlas Copco.
Recommended trades long ordinary / short preferred shares: Fuchs, SSAB Svenska Stal.


Liquid Universe of European Ordinary and Preferred Shares: November‘23 Report

<ul>
<li>Since mid-September, spreads have generally tightened across our European liquid universe of ordinary and preferred shares (12 have tightened, 7 widened).</li>
<li>Recommended trades long preferred / short ordinary shares: Media-for-Europe, Sixt, <strong>Volkswagen</strong> (still the most interesting situation), Grifols, Atlas Copco.</li>
<li>Recommended trades long ordinary / short preferred shares: Fuchs, SSAB Svenska Stal.</li>
</ul>


Since mid-September, spreads have generally tightened across our European liquid universe of ordinary and preferred shares (12 have tightened, 7 widened).
Recommended trades long preferred / short ordinary shares: Media-for-Europe, Sixt, Volkswagen (still the most interesting situation), Grifols, Atlas Copco.
Recommended trades long ordinary / short preferred shares: Fuchs, SSAB Svenska Stal.


Liquid Universe of European Ordinary and Preferred Shares: October‘23 Report

Senior Equity Derivatives Trader

Simon Harris

<ul>
<li>Volkswagen are planning to IPO Porsche in order to address company valuation and to raise funds to further expand into the EV market.</li>
<li>The stock looks attractive on a valuation basis and the company has the potential to transform and future proof the business and gain a more favourable P/E ratio.</li>
<li>We look at the Derivatives Market for the best risk reward strategies.</li>
</ul>


Volkswagen are planning to IPO Porsche in order to address company valuation and to raise funds to further expand into the EV market.
The stock looks attractive on a valuation basis and the company has the potential to transform and future proof the business and gain a more favourable P/E ratio.
We look at the Derivatives Market for the best risk reward strategies.


EQD | Volkswagen (VOW3 GY): Porsche IPO Could Unlock Value-We Look at the Best Derivative Trades

Germany

Volkswagen AG manufactures and sells vehicles. The Company offers economy and luxury automobiles, sports cars, trucks, and commercial vehicles. Volkswagen serves customers worldwide.

Volkswagen (Pref) (VOW3 GR)

Liquid Universe of European Ordinary and Preferred Shares: December‘23 Report

Since mid-November, spreads have generally widened across our European liquid universe of ordinary and preferred shares (9 have tightened, 10...

Jesus Rodriguez Aguilar

Upcoming Mobvoi’s Debut: Downsized IPO Despite Hyper-Growth In AIGC Business Segment

Mobvoi is expected to price its IPO next week and I have a positive long-term view on the high-growth name in AIGC business segment

Andrei Zakharov

Liquid Universe of European Ordinary and Preferred Shares: November‘23 Report

Since mid-October, spreads have generally widened across our European liquid universe of ordinary and preferred shares (8 have tightened, 10...

Jesus Rodriguez Aguilar

Liquid Universe of European Ordinary and Preferred Shares: October‘23 Report

Since mid-September, spreads have generally tightened across our European liquid universe of ordinary (voting) and preferred (non-voting) shares...

Jesus Rodriguez Aguilar

EQD | Volkswagen (VOW3 GY): Porsche IPO Could Unlock Value-We Look at the Best Derivative Trades

Volkswagen AG intends to IPO 25% of its Porsche Unit. This should unlock value and supprt the stock which is trading historically cheap. We...

Simon Harris