European Event-Driven Analyst

Jesus Rodriguez Aguilar

Event-Driven

<ul>
<li>Since mid-March, spreads have generally widened across our European liquid universe of ordinary and preferred shares (5 have tightened, 12 widened, 2 remained at same level).</li>
<li>Views are unchanged. Recommended trades long preferred / short ordinary shares: Danieli, Grifols, Media-for-Europe, Sixt, Volkswagen.</li>
<li>Recommended trades long ordinary / short preferred shares: Fuchs, Henkel, SSAB Svenska Stal, Roche.</li>
</ul>


Since mid-March, spreads have generally widened across our European liquid universe of ordinary and preferred shares (5 have tightened, 12 widened, 2 remained at same level).
Views are unchanged. Recommended trades long preferred / short ordinary shares: Danieli, Grifols, Media-for-Europe, Sixt, Volkswagen.
Recommended trades long ordinary / short preferred shares: Fuchs, Henkel, SSAB Svenska Stal, Roche.


Liquid Universe of European Ordinary and Preferred Shares: April‘24 Report

<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

<ul>
<li>As of end of Q1, NAV was SEK 166.8 billion (SEK 386/share). NAV increased by 11% due to a sharp decrease in leverage, while the portfolio value rose by 6%.</li>
<li>Industrivärden C shares are trading at a 5.5% discount to NAV (vs. 8.8% average for the last 5 years). It seems risky to bet on a further discount reduction.</li>
<li>My target NAV is SEK 173,116 million (SEK 400.8/share). My TP for the C shares of Industrivärden, assuming a 5% discount to NAV, is SEK 361.7.</li>
</ul>


As of end of Q1, NAV was SEK 166.8 billion (SEK 386/share). NAV increased by 11% due to a sharp decrease in leverage, while the portfolio value rose by 6%.
Industrivärden C shares are trading at a 5.5% discount to NAV (vs. 8.8% average for the last 5 years). It seems risky to bet on a further discount reduction.
My target NAV is SEK 173,116 million (SEK 400.8/share). My TP for the C shares of Industrivärden, assuming a 5% discount to NAV, is SEK 361.7.


Industrivärden Q1 2024, NAV Evolution and Discount

<ul>
<li>Since mid-February, spreads have not followed a clear pattern across our European liquid universe of ordinary and preferred shares (9 have tightened, 9 widened, 1 remained at same level).</li>
<li>Recommended trades long preferred / short ordinary shares: Danieli, Grifols, Media-for-Europe, Sixt.</li>
<li>Recommended trades long ordinary / short preferred shares: Fuchs, Henkel, SSAB Svenska Stal, Roche.</li>
</ul>


Since mid-February, spreads have not followed a clear pattern across our European liquid universe of ordinary and preferred shares (9 have tightened, 9 widened, 1 remained at same level).
Recommended trades long preferred / short ordinary shares: Danieli, Grifols, Media-for-Europe, Sixt.
Recommended trades long ordinary / short preferred shares: Fuchs, Henkel, SSAB Svenska Stal, Roche.


Liquid Universe of European Ordinary and Preferred Shares: March‘24 Report

Equity Analyst, Event-driven, Quiddity Advisors

Janaghan Jeyakumar, CFA

Equity Analyst, Event-driven

Quiddity Advisors

Pan-Asia Catalysts/Events

Banca Popolare Di Sondrio Scar / Event-Driven

<ul>
<li>The SE600 index is one of the most widely followed benchmark indices in Europe. This index is rebalanced on a quarterly basis.</li>
<li>In this insight, we take a look at the potential index changes that could take place between now and the end of the March 2024 index rebal event.</li>
<li>Based on the latest available data, I expect up to 12 index changes over the next few days <em>including an intra-review change!</em>
</li>
</ul>


The SE600 index is one of the most widely followed benchmark indices in Europe. This index is rebalanced on a quarterly basis.
In this insight, we take a look at the potential index changes that could take place between now and the end of the March 2024 index rebal event.
Based on the latest available data, I expect up to 12 index changes over the next few days including an intra-review change!



Quiddity Leaderboard SE600 Mar 24: 12 Changes Possible in the Next Few Days

Sweden

Volvo AB manufactures trucks, buses, construction equipment, drive systems for marine and industrial uses, and aircraft engine components.  The Company also offers repair and maintenance, lease financing, insurance, and financial services to its customers.

Volvo AB (VOLVB SS)

Liquid Universe of European Ordinary and Preferred Shares: April‘24 Report

Since mid-March, spreads have generally widened across our European liquid universe of ordinary and preferred shares (5 have tightened, 12 widened,...

Jesus Rodriguez Aguilar

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

Industrivärden Q1 2024, NAV Evolution and Discount

Industrivärden's NAV increased by 11% in Q1 due to decreased leverage, with C shares trading at a 5.5% discount. My target NAV is SEK 173,116...

Jesus Rodriguez Aguilar

Liquid Universe of European Ordinary and Preferred Shares: March‘24 Report

Since mid-February, spreads have not followed a clear pattern across our European liquid universe of ordinary and preferred shares (9 have...

Jesus Rodriguez Aguilar

Quiddity Leaderboard SE600 Mar 24: 12 Changes Possible in the Next Few Days

LXI REIT's intra-review deletion and the replacement name could be confirmed over the next few days. Separately, I see 11 ADDs/DELs during the...

Janaghan Jeyakumar, CFA

Liquid Universe of European Ordinary and Preferred Shares: April‘24 Report

Since mid-March, spreads have generally widened across our European liquid universe of ordinary and preferred shares (5 have tightened, 12 widened,...

Jesus Rodriguez Aguilar

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

Industrivärden Q1 2024, NAV Evolution and Discount

​Industrivärden's NAV increased by 11% in Q1 due to decreased leverage, with C shares trading at a 5.5% discount. My target NAV is SEK 173,116...

Jesus Rodriguez Aguilar

Liquid Universe of European Ordinary and Preferred Shares: March‘24 Report

Since mid-February, spreads have not followed a clear pattern across our European liquid universe of ordinary and preferred shares (9 have...

Jesus Rodriguez Aguilar

Quiddity Leaderboard SE600 Mar 24: 12 Changes Possible in the Next Few Days

LXI REIT's intra-review deletion and the replacement name could be confirmed over the next few days. Separately, I see 11 ADDs/DELs during the...

Janaghan Jeyakumar, CFA

Industrivärden's NAV increased by 11% in Q1 due to decreased leverage, with C shares trading at a 5.5% discount. My target NAV is SEK 173,116...