European Event-Driven Analyst

Jesus Rodriguez Aguilar

Event-Driven

<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

India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

Read Business Not Stock Prices

Equity Bottom-Up

Lumax Auto Technologies / Equity Bottom-Up

<ul>
<li>
 Lumax’s strong product portfolio, global partnerships, and 80% market share in key segments position it as a dominant player in India’s automotive component industry.</li>
<li>Lumax’s strategic acquisitions, including IAC India and GreenFuel Mobility, and the "NorthStar Strategy" aim to drive revenue growth, operating margins, and leadership in clean mobility solutions.</li>
<li>
 Lumax’s SHIFT project enable technological integration, enhancing product offerings and content per vehicle, positioning LATL for long-term growth in the automotive market.</li>
</ul>



 Lumax’s strong product portfolio, global partnerships, and 80% market share in key segments position it as a dominant player in India’s automotive component industry.
Lumax’s strategic acquisitions, including IAC India and GreenFuel Mobility, and the "NorthStar Strategy" aim to drive revenue growth, operating margins, and leadership in clean mobility solutions.

 Lumax’s SHIFT project enable technological integration, enhancing product offerings and content per vehicle, positioning LATL for long-term growth in the automotive market.


The Beat Ideas: Lumax Auto Technologies - Accelerating Ahead with the 20.20.20.20 Strategy

<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

US-EU Index Rebalances / Quantitative Researcher, ORTEX

Dimitris Ioannidis

US-EU Index Rebalances / Quantitative Researcher

Global Financial Data and Analytics Platform

ORTEX

ORTEX is a global financial data and analytics platform providing real-time securities lending and short interest data, index rebalance data, holdings and insider transactions, trading signals, corporate actions and news,  stock machine learning and factor scores and other analytics. The majority of the data are downloadable and accessible through APIs.

Index Rebalance

<ul>
<li>The main forecasted additions are <a href="https://www.smartkarma.com/entities/siemens-energy-ag" target="_blank" data-smartkarma-citation="entities:35843:1" rel="noopener">Siemens Energy AG (ENR GR)</a> and <a href="https://www.smartkarma.com/entities/deutsche-bank-ag-40d2d02f-a52f-4d36-a86f-79c59c4f0f17" target="_blank" data-smartkarma-citation="entities:526:1" rel="noopener">Deutsche Bank (DBK GR)</a> as they are both surpassing the entry rank.</li>
<li>The main forecasted deletions are <a href="https://www.smartkarma.com/entities/stellantis-nv-847415d2-edbe-4b97-b9c9-bece87ed6f72" target="_blank" data-smartkarma-citation="entities:27920:1" rel="noopener">Stellantis NV (STLAM IM)</a> and <a href="https://www.smartkarma.com/entities/nokia-oyj" target="_blank" data-smartkarma-citation="entities:21754:1" rel="noopener">Nokia OYJ (NOKIA FH)</a> as they are both below the exit rank.</li>
<li>
<a href="https://www.smartkarma.com/entities/pernod-ricard-sa" target="_blank" data-smartkarma-citation="entities:21533:1" rel="noopener">Pernod Ricard Sa (RI FP)</a> and <a href="https://www.smartkarma.com/entities/volkswagen-ag-2754ab9c-fd60-43d7-a087-b4ce4465a0eb" target="_blank" data-smartkarma-citation="entities:734:1" rel="noopener">Volkswagen (Pref) (VOW3 GR)</a> are near the exit threshold and can potentially be replaced by <a href="https://www.smartkarma.com/entities/e-on-se" target="_blank" data-smartkarma-citation="entities:21616:1" rel="noopener">E.ON (EOAN GR)</a> and <a href="https://www.smartkarma.com/entities/engie-sa" target="_blank" data-smartkarma-citation="entities:21449:1" rel="noopener">Engie SA (ENGI FP)</a>. </li>
</ul>


The main forecasted additions are Siemens Energy AG (ENR GR) and Deutsche Bank (DBK GR) as they are both surpassing the entry rank.
The main forecasted deletions are Stellantis NV (STLAM IM) and Nokia OYJ (NOKIA FH) as they are both below the exit rank.

Pernod Ricard Sa (RI FP) and Volkswagen (Pref) (VOW3 GR) are near the exit threshold and can potentially be replaced by E.ON (EOAN GR) and Engie SA (ENGI FP). 


EURO STOXX50 September 2025 Forecast: ENR & DBK Set to Join, STLAM & NOKIA to Exit

Germany

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

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Volkswagen (VOW GR)

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

The Beat Ideas: Lumax Auto Technologies - Accelerating Ahead with the 20.20.20.20 Strategy

Lumax dominates India's automotive component industry with strong product portfolio, strategic acquisitions, and focus on clean mobility solutions...

Sudarshan Bhandari

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

EURO STOXX50 September 2025 Forecast: ENR & DBK Set to Join, STLAM & NOKIA to Exit

ENR and DBK are poised to join EURO STOXX50, while STLA and NOKIA are expected to exit. RI and VOW3 face potential removal, with EOAN and ENGI...

Dimitris Ioannidis

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

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

The Beat Ideas: Lumax Auto Technologies - Accelerating Ahead with the 20.20.20.20 Strategy

​Lumax dominates India's automotive component industry with strong product portfolio, strategic acquisitions, and focus on clean mobility solutions...

Sudarshan Bhandari

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

EURO STOXX50 September 2025 Forecast: ENR & DBK Set to Join, STLAM & NOKIA to Exit

ENR and DBK are poised to join EURO STOXX50, while STLA and NOKIA are expected to exit. RI and VOW3 face potential removal, with EOAN and ENGI...

Dimitris Ioannidis

Lumax dominates India's automotive component industry with strong product portfolio, strategic acquisitions, and focus on clean mobility solutions...