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 FY 2025: Quality Compounder, Tight Discount

Industrivärden Q1 2026: Tight Discount, No Catalyst

Selected European HoldCos and DLC: June 2026 Report

Selected European HoldCos and DLC: May 2026 Report

Selected European HoldCos and DLC: April 2026 Report

Event-Driven

<ul>
<li>H1 NAV rose 17% to SEK 225bn, driven by Sandvik, Volvo and Handelsbanken, while leverage declined to just 1% of NAV, reinforcing Industrivärden’s conservative financial profile.</li>
<li>Industrivärden now trades around NAV, with C shares at a 0.3% premium, reflecting portfolio quality and governance rather than a traditional holding-company discount.</li>
<li>With the discount eliminated and no obvious catalysts, returns are increasingly driven by the underlying portfolio, limiting scope for traditional event-driven or discount-convergence strategies.</li>
</ul>


H1 NAV rose 17% to SEK 225bn, driven by Sandvik, Volvo and Handelsbanken, while leverage declined to just 1% of NAV, reinforcing Industrivärden’s conservative financial profile.
Industrivärden now trades around NAV, with C shares at a 0.3% premium, reflecting portfolio quality and governance rather than a traditional holding-company discount.
With the discount eliminated and no obvious catalysts, returns are increasingly driven by the underlying portfolio, limiting scope for traditional event-driven or discount-convergence strategies.


Industrivärden H1 2026: Premium to NAV, Limited Optionality

Industrivarden

Industrivärden H1 2026: Premium to NAV, Limited Optionality