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.

Poste/TIM: Why Tender When the Market Pays More?

Poste/TIM: The €0.30 Sweetener Arrives, but the Spread Doesn't

Poste–TIM: A Done Deal in Pricing, Not Yet in Votes

KKR Potential Offer for The (W)Hole of Telecom Italia

Event-Driven

<ul>
<li>TIM has completed its share class unification and secured unanimous Board support, removing the principal execution risks identified in our initiation report and materially increasing transaction certainty.</li>
<li>TIM now trades 1.4% above the implied offer value. Our updated scenario analysis indicates the shares are fully valued, with a probability-weighted value around 1% below the market price.</li>
<li>With execution risk materially reduced but residual optionality already reflected in the share price, we do not believe the current risk/reward is attractive for new investors.</li>
</ul>


TIM has completed its share class unification and secured unanimous Board support, removing the principal execution risks identified in our initiation report and materially increasing transaction certainty.
TIM now trades 1.4% above the implied offer value. Our updated scenario analysis indicates the shares are fully valued, with a probability-weighted value around 1% below the market price.
With execution risk materially reduced but residual optionality already reflected in the share price, we do not believe the current risk/reward is attractive for new investors.


Poste/TIM Update: More Certain, Not More Attractive

Telecom Italia SPA

Poste/TIM Update: More Certain, Not More Attractive