Selected European Holdcos and DLCs: February Report
Discounts to NAV for European holdcos and DLCs have generally widened in February. The report incorporates some results, as well as several SOTPs.
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Selected European Holdcos and DLCs: January Report
Discounts to NAV for our selected European holdcos have widened in January, in line with equity markets drifting lower. General recommendation:...
278 Views
IFM Investors to Launch a Partial Hostile Tender Offer for Naturgy
Criteria Caixa must decide whether to tender. I recommend LONG NTGY SM (gross spread 3.7%). Failure to tender would mean keeping a share with...
383 Views
Selected European Holdcos and DLCs: December Report
Interesting long/short situations are: premium of BHP AU vs. BLT LN is 24.6% , HEIO NA relative HEIA NA, 15.5% discount, Investor (13.5% discount...
288 Views
Selected European Holdcos and DLCs: November Report
Holding companies have reduced their discount to NAV during November. Kinnevik is trading at a premium to NAV. Interesting trades are GBL, and in...
221 Views