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.

Selected European HoldCos and DLC: October 2025 Report

High Conviction 2025: Porsche's SE Discount to NAV Reduction

Selected European HoldCos and DLC: September 2025 Report

Selected European HoldCos and DLC: July 2025 Report

Event-Driven

Porsche Automobil Holding  / Event-Driven

<ul>
<li>Discount Opportunity: <a href="https://www.smartkarma.com/entities/porsche-automobil-holding-se" target="_blank" data-smartkarma-citation="entities:21691:1" rel="noopener">Porsche Automobil Holding (PAH3 GR)</a> SE trades at a ~32% NAV discount—above peers—despite improving balance-sheet structure, stable dividends from VW and Porsche AG, and diminishing legal risks.</li>
<li>Deleveraging Catalyst: Ongoing debt reduction, stronger dividend visibility, and extended maturities enhance transparency and reduce equity risk, offering clear scope for discount compression toward the mid-20s.</li>
<li>Asymmetric Upside: With 99% of assets in VW and Porsche AG, Porsche SE remains a high-convexity play on discount normalization and legal clarity, offering leveraged exposure to core holdings.</li>
</ul>


Discount Opportunity: Porsche Automobil Holding (PAH3 GR) SE trades at a ~32% NAV discount—above peers—despite improving balance-sheet structure, stable dividends from VW and Porsche AG, and diminishing legal risks.
Deleveraging Catalyst: Ongoing debt reduction, stronger dividend visibility, and extended maturities enhance transparency and reduce equity risk, offering clear scope for discount compression toward the mid-20s.
Asymmetric Upside: With 99% of assets in VW and Porsche AG, Porsche SE remains a high-convexity play on discount normalization and legal clarity, offering leveraged exposure to core holdings.


Porsche Automobile Holding: Q3-25 Update — Discount Still Wide, Deleveraging on Track