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.

Siemens/Siemens Gamesa: Running for the Exit

Siemens Energy/Siemens Gamesa: Downwards Guidance

Event-Driven

Siemens Gamesa Renewable Energy, S.A. / Event-Driven

Siemens Gamesa Renewable Energy, S.A. (SGRE SM)

<ul>
<li>The CNMV has authorised the takeover bid for Siemens Gamesa launched by Siemens Energy. Shareholders can tender up to 13 December. The market believes the offer will succeed.</li>
<li>Gross spread 0.194%, 1.6% estimated annual return (assuming settlement 23 December). Since announcement, the share price has remained below the offer price, with high daily turnover and a tight spread.</li>
<li>
<strong>Accept offer</strong>. I don't expect any relevant changes: Siemens Energy already has control, operating problems persist and the financial position continues to deteriorate. The offer price represents 46.9x P/2024e E.</li>
</ul>


The CNMV has authorised the takeover bid for Siemens Gamesa launched by Siemens Energy. Shareholders can tender up to 13 December. The market believes the offer will succeed.
Gross spread 0.194%, 1.6% estimated annual return (assuming settlement 23 December). Since announcement, the share price has remained below the offer price, with high daily turnover and a tight spread.

Accept offer. I don't expect any relevant changes: Siemens Energy already has control, operating problems persist and the financial position continues to deteriorate. The offer price represents 46.9x P/2024e E.


Siemens Energy/​Siemens Gamesa: Time to Tender

Siemens Gamesa Renewable Energy, S.A.

Siemens Energy/​Siemens Gamesa: Time to Tender

Siemens Energy/Siemens Gamesa: Time to Tender