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 ‘22 Report

Selected European Holdcos and DLC: November/Mid-December‘22 Report

Selected European Holdcos and DLCs: August ‘22 Report

Heineken (HEIA NA) Vs. Heineken Holdings (HEIO NA): Which Tap?

Selected European Holdcos and DLCs: July ‘22 Report

Selected European Holdcos and DLCs: June ‘22 Report

Event-Driven

<ul>
<li>Discounts to NAV of covered holdcos have mainly widened during September as a result of the bear market.</li>
<li>Discounts to NAV (5 September): Alba, 47.3%; GBL, 34.8%; Heineken Holdings 21.6%; Industrivärden C, 9.8%; Investor B, 17.9%; Porsche Automobile Holding 34.9%. The spread of Rio Tinto DLC tightened to 8.5%.</li>
<li>Spreads tend to widen in bear markets but short-term recoveries provide opportunities on tightening discounts. Recommended trades are: Porsche SE, Rio Tinto (DLC).</li>
</ul>


Discounts to NAV of covered holdcos have mainly widened during September as a result of the bear market.
Discounts to NAV (5 September): Alba, 47.3%; GBL, 34.8%; Heineken Holdings 21.6%; Industrivärden C, 9.8%; Investor B, 17.9%; Porsche Automobile Holding 34.9%. The spread of Rio Tinto DLC tightened to 8.5%.
Spreads tend to widen in bear markets but short-term recoveries provide opportunities on tightening discounts. Recommended trades are: Porsche SE, Rio Tinto (DLC).


ACS, Actividades de Construcción y Servicios (ACS SM)

ACS, Actividades de Construcción y Servicios

Selected European Holdcos and DLCs: September ‘22 Report

Rio Tinto PLC

Selected European Holdcos and DLCs: September ‘22 Report