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.

Event-Driven

<ul>
<li>Nestlé’s CHF 1bn ice cream disposal is financially small but strategically significant, marking the first visible step in a broader portfolio simplification cycle under new leadership.</li>
<li>We believe asset sales (ice cream, water, VMS) combined with debt reduction can support modest multiple expansion, as lower-synergy assets exit and capital intensity improves across core pillars.</li>
<li>Our 12-month target price of CHF 95 implies ~13% upside, driven by ~CHF 7bn cumulative net proceeds and ~+2 turns uplift on core EBIT multiples, without assuming aggressive growth acceleration.</li>
</ul>


Nestlé’s CHF 1bn ice cream disposal is financially small but strategically significant, marking the first visible step in a broader portfolio simplification cycle under new leadership.
We believe asset sales (ice cream, water, VMS) combined with debt reduction can support modest multiple expansion, as lower-synergy assets exit and capital intensity improves across core pillars.
Our 12-month target price of CHF 95 implies ~13% upside, driven by ~CHF 7bn cumulative net proceeds and ~+2 turns uplift on core EBIT multiples, without assuming aggressive growth acceleration.


Nestlé: Small Ice Cream Sale, Larger Simplification Catalyst

Nestle

Nestlé: Small Ice Cream Sale, Larger Simplification Catalyst