European Event-Driven Analyst

Jesus Rodriguez Aguilar

Event-Driven

<ul>
<li>The discounts to NAV of covered holdcos haven't shown a clear trend during October. Discounts to NAV: C.F.Alba, 47.8% (vs. 49.2%); GBL, 35.5% (vs. 35.3%); Heineken Holding, 14.9% (vs. 14.5%); </li>
<li>Industrivärden C, 6% (vs. 7.4%); Investor B, 16.5% (vs. 15.4%); Porsche Automobile Holding, 40.9% (vs. 41.1%). The spread of Rio DLC widened to 21% (vs. 15.8%).</li>
<li>What seems interesting: holding trades, Investor B 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 haven't shown a clear trend during October. Discounts to NAV: C.F.Alba, 47.8% (vs. 49.2%); GBL, 35.5% (vs. 35.3%); Heineken Holding, 14.9% (vs. 14.5%); 
Industrivärden C, 6% (vs. 7.4%); Investor B, 16.5% (vs. 15.4%); Porsche Automobile Holding, 40.9% (vs. 41.1%). The spread of Rio DLC widened to 21% (vs. 15.8%).
What seems interesting: holding trades, Investor B vs. listed assets, Porsche SE/vs. listed assets and the Rio DLC: long RIO LN/short RIO AU.


Selected European HoldCos and DLC: October’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

<ul>
<li>The discounts to NAV of covered holdcos have generally tightened during September. Discounts to NAV: C.F.Alba, 49.2% (vs. 46.6%); GBL, 35.3% (vs. 36.2%); Heineken Holding, 14.5% (vs. 17.9%); </li>
<li>Industrivärden C, 7.4% (vs. 7.8%); Investor B, 15.4% (vs.  16.6%); Porsche Automobile Holding, 41.1% (vs. 41.5%). The spread of Rio DLC tightened to 15.8% (vs. 17.8%).</li>
<li>What seems interesting: holding trades, Investor B 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 generally tightened during September. Discounts to NAV: C.F.Alba, 49.2% (vs. 46.6%); GBL, 35.3% (vs. 36.2%); Heineken Holding, 14.5% (vs. 17.9%); 
Industrivärden C, 7.4% (vs. 7.8%); Investor B, 15.4% (vs.  16.6%); Porsche Automobile Holding, 41.1% (vs. 41.5%). The spread of Rio DLC tightened to 15.8% (vs. 17.8%).
What seems interesting: holding trades, Investor B vs. listed assets, Porsche SE/vs. listed assets and the Rio DLC: long RIO LN/short RIO AU.


Selected European HoldCos and DLC: September’23 Report

<ul>
<li>Since mid-August, spreads have not followed a clear pattern across our European liquid universe of ordinary and preferred shares (10 have tightened, 9 widened).</li>
<li>Recommended trades long preferred / short ordinary shares: Carlsberg, Media-for-Europe, Sixt, <strong>Volkswagen</strong> (probably the most interesting situation), Grifols, Atlas Copco.</li>
<li>Possible trades long ordinary / short preferred shares: Fuchs, Henkel, Schindler, SSAB Svenska Stal.</li>
</ul>


Since mid-August, spreads have not followed a clear pattern across our European liquid universe of ordinary and preferred shares (10 have tightened, 9 widened).
Recommended trades long preferred / short ordinary shares: Carlsberg, Media-for-Europe, Sixt, Volkswagen (probably the most interesting situation), Grifols, Atlas Copco.
Possible trades long ordinary / short preferred shares: Fuchs, Henkel, Schindler, SSAB Svenska Stal.


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

<ul>
<li>The discounts to NAV of covered holdcos have not shown a clear pattern during August, some widened while others tightened. Discounts to NAV: C.F.Alba, 46.6% (vs. 47.5%); GBL, 36.2% (vs. 39.1%); </li>
<li>Heineken Holding, 17.9% (vs.16.4%);  Industrivärden C, 7.8% (vs. 6.6%); Investor B, 16.6% (vs. 15%); Porsche Automobile Holding, 41.5% (vs. 43.8%). The spread of Rio Tinto DLC tightened to 17.8% (vs. 19%).</li>
<li>What seems interesting: holding trades, Investor B 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 not shown a clear pattern during August, some widened while others tightened. Discounts to NAV: C.F.Alba, 46.6% (vs. 47.5%); GBL, 36.2% (vs. 39.1%); 
Heineken Holding, 17.9% (vs.16.4%);  Industrivärden C, 7.8% (vs. 6.6%); Investor B, 16.6% (vs. 15%); Porsche Automobile Holding, 41.5% (vs. 43.8%). The spread of Rio Tinto DLC tightened to 17.8% (vs. 19%).
What seems interesting: holding trades, Investor B vs. listed assets, Porsche SE/vs. listed assets and the Rio DLC, long RIO LN/short RIO AU.


Selected European HoldCos and DLC: August’23 Report

Germany

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

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Volkswagen (VOW GR)

Selected European HoldCos and DLC: October’23 Report

Discounts to NAV of covered holdcos in October showed no clear trend. Interesting aspects include holding trades, Investor B vs. listed assets,...

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

Selected European HoldCos and DLC: September’23 Report

The discounts to NAV of covered holdcos have generally tightened during September. What seems interesting: holding trades, Investor B vs. listed...

Jesus Rodriguez Aguilar

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

Since mid-August, spreads have not followed a clear pattern across the European liquid universe of ordinary and preferred shares (10 have...

Jesus Rodriguez Aguilar

Selected European HoldCos and DLC: August’23 Report

Discounts to NAV of covered holdcos have generally tightened during August. Interesting situations are Investor AB vs. assets, Porsche SE/vs....

Jesus Rodriguez Aguilar

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Selected European HoldCos and DLC: October’23 Report

​Discounts to NAV of covered holdcos in October showed no clear trend. Interesting aspects include holding trades, Investor B vs. listed assets,...

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

Selected European HoldCos and DLC: September’23 Report

The discounts to NAV of covered holdcos have generally tightened during September. What seems interesting: holding trades, Investor B vs. listed...

Jesus Rodriguez Aguilar

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

Since mid-August, spreads have not followed a clear pattern across the European liquid universe of ordinary and preferred shares (10 have...

Jesus Rodriguez Aguilar

Selected European HoldCos and DLC: August’23 Report

Discounts to NAV of covered holdcos have generally tightened during August. Interesting situations are Investor AB vs. assets, Porsche SE/vs....

Jesus Rodriguez Aguilar

Discounts to NAV of covered holdcos in October showed no clear trend. Interesting aspects include holding trades, Investor B vs. listed assets,...