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.

Industrivärden Q1 2024, NAV Evolution and Discount

Selected European HoldCos and DLC: January’24 Report

Industrivärden H1, Discount and Target NAV

Selected European HoldCos and DLC: December’23 Report

Selected European HoldCos and DLC: November’23 Report

Event-Driven

<ul>
<li>FY2023 was another year of value creation: 19% increase of NAV. Discount/NAV of C shares is 4.3%, below both the "usual" 15% conglomerate discount, and 5-year average of 9%.</li>
<li>C shares are trading at a 0% discount to A shares. My target NAV is SEK 158,215 million, an 8.5% increase. My target TP, assuming 5% discount/NAV, is SEK 329.5.</li>
<li>Implementing the typical holding discount trade would be risky. However, I would put on a reversal trade, betting on a widening of the discount up to around 7.5%-8%.</li>
</ul>


FY2023 was another year of value creation: 19% increase of NAV. Discount/NAV of C shares is 4.3%, below both the "usual" 15% conglomerate discount, and 5-year average of 9%.
C shares are trading at a 0% discount to A shares. My target NAV is SEK 158,215 million, an 8.5% increase. My target TP, assuming 5% discount/NAV, is SEK 329.5.
Implementing the typical holding discount trade would be risky. However, I would put on a reversal trade, betting on a widening of the discount up to around 7.5%-8%.


Industrivärden FY 2023, NAV Evolution and Discount

Industrivarden AB

Industrivärden FY 2023, NAV Evolution and Discount