European Event-Driven Analyst

Jesus Rodriguez Aguilar

Jesús is an Insight Provider (Event-driven) on the Smartkarma network, where he looks across sectors at opportunities arising from securities mispricing (both credit and equity), share classes, bid announcements, prospective bids, and special situations. He has served as Economic and Business Advisor at the Spanish Congress in Madrid. Prior to that, he has worked in the City of London: as a Credit Analyst at Bloomberg; Event-driven associate at former boutique European Research; and doubled as Special Situations and Equity-linked VP (convertible bonds) at Merrill Lynch. Jesús has an MBA from the London Business School, a BA (Hons.) degree in Economics from the Complutense University in Madrid, and a BA (Hons.) in Law from U.N.E.D., also in Madrid.

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Event-Driven

 ACCIONA Energias Renovabl / Event-Driven

<ul>
<li>Acciona's AGM increased confidence in a corporate transaction. Management indicated that all strategic alternatives for ANE would likely require an exclusion offer.</li>
<li>July indications of interest should provide the first market-based valuation, with Citi and Goldman Sachs requesting proposals on both price and stake size.</li>
<li>At €23.12, ANE still trades 15.6% below IPO, 25.4% below our €29 fairness case and 38.4% below our €32 strategic valuation.</li>
</ul>


Acciona's AGM increased confidence in a corporate transaction. Management indicated that all strategic alternatives for ANE would likely require an exclusion offer.
July indications of interest should provide the first market-based valuation, with Citi and Goldman Sachs requesting proposals on both price and stake size.
At €23.12, ANE still trades 15.6% below IPO, 25.4% below our €29 fairness case and 38.4% below our €32 strategic valuation.


Acciona Energía: Strategic Review Gains Momentum