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: September 2026 Report

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

Selected European HoldCos and DLC: August 2026 Report

Selected European HoldCos and DLC: July 2026 Report

Event-Driven

Porsche Automobil Holding  / Event-Driven

<ul>
<li>Germany’s Federal Court has finally closed the €5.4bn VW stake-building litigation, removing an 18-year legal overhang and the residual risk of an adverse appeal.</li>
<li>The ruling does not change our €34.36/share NAV, as we never deducted the claims from SOTP and Celle had already substantially de-risked the case in 2022.</li>
<li>PAH3 trades at a 28.6% discount to NAV. A 25% discount implies 5.1% upside; getting to 20%, or 12.1% upside, probably needs deleveraging or better VW/Porsche AG performance.</li>
</ul>


Germany’s Federal Court has finally closed the €5.4bn VW stake-building litigation, removing an 18-year legal overhang and the residual risk of an adverse appeal.
The ruling does not change our €34.36/share NAV, as we never deducted the claims from SOTP and Celle had already substantially de-risked the case in 2022.
PAH3 trades at a 28.6% discount to NAV. A 25% discount implies 5.1% upside; getting to 20%, or 12.1% upside, probably needs deleveraging or better VW/Porsche AG performance.


Porsche SE: What Was the €5.4bn Claim Worth?