In today’s briefing:
- A/H Premium Tracker (To 4 July 2025): “Beautiful Skew” Continues as SB Buys Wide Spread Hs
- Acciona SA Nears Full Control: Delisting Play in Acciona Energías Renovables
A/H Premium Tracker (To 4 July 2025): “Beautiful Skew” Continues as SB Buys Wide Spread Hs
- AH premia flat among liquid names but “beautiful skew” of wide premia converging more than narrow premia continues bigly. It has paid well to be long wide H discounts.
- Last week I said, “It has paid to be long the H on those H/A pairs with the biggest H discounts. I would continue to ride that trend.” Ride on.
- The data tables below update on a daily basis in the Tools section of Smartkarma. The SOUTHBOUND Flow Monitor and AH Monitor are both there free for SK readers. Technical issue delayed this week’s Monitor.
Acciona SA Nears Full Control: Delisting Play in Acciona Energías Renovables
- Acciona SA now owns 90.03% of Acciona Energías Renovables, enabling a squeeze-out and delisting. A likely offer in the €22.60–24.50 range creates a near-term arbitrage opportunity.
- At 9.0x EV/NTM EBITDA, ANE trades below peer valuations. A delisting would be strategically accretive for Acciona, unlocking group simplification, full cash flow control, and rerating potential.
- Acciona trades at a 7.6% discount to its SOTP. I recommend BUY on both Acciona SA and ANE, with the latter offering 2–10% upside in a low-risk setup.
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