Euskaltel - MasMóvil: Another Step in Spanish Telco Consolidation
The operation makes strategic sense. The offer price seems full and on EV/Fwd EBITDA basis compares favorable to recent European deals. Gross...
260 Views
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.
256 Views
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:...
269 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...
362 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...
276 Views