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.

FEMSA/​Valora Holding: Offer Success and Squeeze-Out

Event-Driven

<ul>
<li>Valora has agreed to a CHF 260/share cash offer (52% premium, 7.6x EV/Fwd EBITDA, 24.7x Fwd P/E) from FEMSA, which intends to use it as a platform for European expansion.</li>
<li>I consider the offer as fair (my DCF valuation of Valora is CHF 252.2/share, WACC 8.5%, 1.7% implied perpetuity growth rate).</li>
<li>Valora should benefit from FEMSA's know-how and added scale. A counterbid could be possible from the likes of Migros and Coop.</li>
</ul>


Valora has agreed to a CHF 260/share cash offer (52% premium, 7.6x EV/Fwd EBITDA, 24.7x Fwd P/E) from FEMSA, which intends to use it as a platform for European expansion.
I consider the offer as fair (my DCF valuation of Valora is CHF 252.2/share, WACC 8.5%, 1.7% implied perpetuity growth rate).
Valora should benefit from FEMSA's know-how and added scale. A counterbid could be possible from the likes of Migros and Coop.


Fomento Economico Mexica-Ubd (FEMSAUBD MM)

FEMSA/Valora Holding: Fair Offer and Possible Counterbid

Valora Holding AG

FEMSA/Valora Holding: Fair Offer and Possible Counterbid